FACT: NEVADA IS TOPS IN U.S. IN FORECLOSURES!

Listen closely and you’ll hear the creaking sound of nearly 40 sub-prime mortgage lenders nationwide, that have either shut down operations, filed for bankruptcy or have been acquired through last-ditch mergers since late last year.

The Las Vegas Resale Homes market is feeling the pressure! Home prices are projected to drop in the near future.

With the inventory of homes for sale at record highs in both Las Vegas and Phoenix, it’s taking longer to sell homes. Some are sitting on the market for six months until prices are slashed.

Could the subprime lending problem make that worse? Absolutely! Eventually, banks will “take what they can get” in any given market.

Nevada replaced Colorado as the state with the highest foreclosure rate in January after an 8 percent increase in filings from the previous month and a slight decrease in Colorado’s filings.

Nevada reported 2,397 new foreclosure filings in January, a rate of one new foreclosure filing for every 362 households, or 2.4 times the national average.

Creative financing, a hot housing market and over loaded speculation are all responsible for the current foreclosure trend in Nevada.