Experts predict that Nevada will experience the largest decline in mortgage delinquencies of all the states in 2013 even though it will remain higher than the national average.
The end of 2012 will show a 60-day mortgage delinquency rate of 10.26% in Nevada. This is in sharp contrast to the national rate of only 5.32% but is predicted to fall to 8.35% at the end of next year. The good news is that Nevada’s delinquency rate is down 18% from a year ago. At its peak in the 4th quarter of 2009 Nevada showed a 16.19% delinquency rate and Las Vegas reached an all time high of 18.89% at that time.
On the National Level mortgage delinquencies are also expected to improve but will still be well above the historical norm of 1.5 – 2%. It is estimated that borrowers whom have not been able to make a mortgage payment in more than a year constitute about half of the problem.