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Foreclosures up 121%....can you say gross????? Vegas leads the pack

By Larry Bettag

Mortgage and Lending with Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759 Cherry Creek Mortgage NMLS #: 3001 NMLS ID# 158606

July 25, 2008 02:52 PM

U.S. home foreclosures soared by 121% in second-quarter year-over-year results, according to a report issued by RealtyTrac. Realty Trac (RT), said that there were 739,714 foreclosure filings in the second quarter of 2008, a 14% quarterly increase. According to RealtyTrac, 48 of 50 states and 95 of 100 of the largest metropolitan areas experienced year-over-year increases in foreclosure activity in the second quarter.

Bank repos were 30% of the total for the second quarter, up from 24% of the total in the first quarter. Nevada was the highest highest monthly foreclosure rate. That There were 24,657 foreclosures filings in the second quarter. Go figure....Vegas was the Hot Spot, but now you can't give away property there. The playtime mecca is having a hard time staying open..... They place to be is now the place you can't sell. Since when did Vegas become an economic indicator. Last week on the news it said that brothels are down over 30%.....Evidently the pinch is greater than that market likes to lead on.

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Kathleen Cooper

Kathleen Cooper, Sposato Realty Group - Worcester, MA

Sposato Realty Group - Broker Owner

Those are sad numbers, I can feel your pain!

Sincerely,

Kathleen

Jul 25, 2008 02:56 PM

Aida Pinto

Independent Real Estate Broker - Los Angeles, CA

Real Estate Broker (562) 884-6196

Very sad numbers---and it's going to get worse before it gets better! What is going to happen when those loans made in 2005 fixed for 5 adjust -- can you do the math---2010! What about the ones made in 2007 fixed for 5=2012!

Jul 25, 2008 03:06 PM

Larry Bettag

Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759 Cherry Creek Mortgage NMLS #: 3001 - Saint Charles, IL

Vice-President of National Production

JCKC....thanks Kathleen...let's see where we go from here.

Aida....great stats and analogy.....you're right on.

Jul 25, 2008 04:09 PM

Jim Dunlap

Roberts Realty - Yucca Valley, CA

Just adding a little humor, I wonder if gas prices are affecting brothel's business? Prostitution is illegal in Clark County (Las Vegas) so patrons have to drive to the next county for their "entertainment".

Jul 25, 2008 05:21 PM

Tony Sena

Shelter Realty, Inc - Henderson, NV

Broker/Property Manager

Your blog is not completely accurate about the Las Vegas Real Estate Market. We have had home sales incrase for 6 straight months. Inventory has dropped from 18 months of inventory to 13.7 months of inventory. I just wrote a blog about exactly what you are talking about for the Las Vegas Real Estate Market.

Jul 25, 2008 05:26 PM

Jim...I heard that the truckers are the big source of business and there just isn't enough disposable income for a little recreation.

Tony...I'll check out your post....thanks....I just got this from what came out today. I'm involved wiht your market, but not to the extent that you are.

Jul 26, 2008 02:17 AM

Foreclosures up 121%....can you say gross????? Vegas leads the pack

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