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Marina Gulakova

Realty ONE Group

Cell: 702-498-2664

MarinaGulakova@gmail.com

www.LVRealDeal.com

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ARE WE THERE YET?

In less than four years, more than 100,000 homes in Las Vegas have been lost through foreclosure.  That’s 18% of our privately owned housing stock:  that’s nearly one home in five. And we’re nowhere near finished with foreclosures.  In all likelihood, we have another 100,000 yet to go, and at the current rate, that’s another four years.
HELP FOR "UNDERWATER" LAS VEGAS RESIDENTS - if you know anyone who is struggling with paying their mortgage, make sure to tell them about the new programs available for Nevada. With one of the highest foreclosure rates in the nation, Nevada was selected to be one of the original beneficiaries of the U.S. Treasury’s “Hardest Hit Fund” program. Nevada was awarded over $150 million in funds available to qualified recipients through a series of federal grants to help Nevada homeowners. Click here to read here about the programs in details.

 

zip codes map of foreclosures

As of Oct 26, 2011   -    410,923 total SFR, Condo & Townhouse properties in Clark County.  Of those:
72,579 currently have a LTV (Loan to value) of 80% or less
134,405 currently have a LTV up to 100%, or 32%
67,055 currently have a LTV of 101 – 125%, or 16%
50,401 currently have a LTV of 125 – 150%, or 12%
155,304 currently have a LTV of greater than 150%, or 38%


66% of all homes in Clark County with a mortgage are worth less than what is owed (underwater).  If you add the other 32% of homes that are worth up to as much as the loan against the homes, that’s 98%!

In less than four years, more than 100,000 homes in Las Vegas have been lost through foreclosure.  That’s 18% of our privately owned housing stock:  that’s nearly one home in five. And we’re nowhere near finished with foreclosures.  In all likelihood, we have another 100,000 yet to go, and at the current rate, that’s another four years.

In each zip code you will see two numbers.  The first number is the percentage and the second number is the actual number of homes which have been lost to foreclosure.

P.S. Take a look at zip code 89134 which has the lowest foreclosure rate of all: only 5%.  Why is that? It’s predominately Sun City Summerlin where many residents are retirees and paid cash for their homes.  The zip code with the highest foreclosure rate is 33% in 89086.

As of today, November 23, 2011 there were in total 12,590 properties (single family residences, condominiums, townhomes). Of those:

  • *5,689 (45%) - short sales
  • *2,505 (20%) are bank owneds
  • *4,396 (35%) are regular sales (about 90% of which are flippers)

So, the number of short sales stays pretty much the same. Flippers, on the other hand, have increased their market share which could indicate that investors feel more confident in the Las Vegas market.

If you'd like more stats, please don's hesitate to ask me!

All information is deemed reliable; however, Marina Gulakova does not assume responsibility for the accuracy of these numbers.