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U.S. Foreclosures Double as House Prices Decline

By Steve Harless

Real Estate Agent with Resolution Realty

July 25, 2008 02:11 AM

Not a pretty picture painted by the media...home ownership is escaping the & middle class families in alarming rates....down payment assistance programs being done away by our congressman & senators.

The Las Vegas area, where home prices fell -37.6 percent June 2007-June 2008. Las Vegas had the third-highest foreclosure rate, with one in every 35 households, RealtyTrac said. YIKES!!!

Next real question: What will happen after down payment assistance programs are done away by the government???

One in every 171 households was foreclosed on, received a default notice or was warned of a pending auction. That was an increase of 121 percent from a year earlier and 14 percent from the first quarter, RealtyTrac Inc. said today in a statement. Almost 740,000 properties were in some stage of foreclosure, the most since the Irvine, California-based data company began reporting in January 2005.

Can I just put out the BATLIGHT on top of Caesar's Palace in Las Vegas and hope that Christian Bale will appear and put a complete end to all of this? What are your thoughts?

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Steve Harless

Resolution Realty - Las Vegas, NV

updated

Jul 25, 2008 04:03 AM

Renée Donohue~Home Photography

Savvy Home Pix - Allegan, MI

Western Michigan Real Estate Photographer

Actually home prices fell -37.6 percent June 2007-June 2008. As more people realize their "short term investments" aren't holding, they are going to let them go and we will see a glut of foreclosure inventory for the rest of the year.

I don't know (jury still out) if lack of seller paid DPA is going to hinder our recovery or absorption (which will cripple prices even further.) When you examine who is buying and the current climate of the market, very little are receiving full DPA + cc's.

Maybe I will make my own post about this :)

Jul 25, 2008 05:47 AM

thanks for your opinion Rene...always love to read what the "VEGAS SHACK DIVA" says...hehe, steve

Jul 25, 2008 07:09 AM

Jul 25, 2008 07:22 AM

Dave Woodson

Dave Woodson - Chesterton, IN

Not the Average Agent

I had heard that they took that provision out of the bill, but hope to pass it this October. I am not sure what they are thinking

Dave

Jul 25, 2008 04:05 PM

Dave: sounds like paulson wants to give freddie mac and fannie mae a "new" shot in the arm in some way... I look for newer down Payment assistance programs from them

Jul 25, 2008 05:10 PM

U.S. Foreclosures Double as House Prices Decline

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Steve Harless

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