Dog and Cat

What Happens In Vegas…

Once again, Sin City has topped the nation’s most recent foreclosure list.

With one in every 25 housing units – 3.98 percent – receiving a foreclosure filing, Las Vegas’ total is more than five times the national average.

A total of 32,288 properties in the Las Vegas metro area received a foreclosure filing of some sort during the quarter, according to foreclosure marketer RealtyTrac Inc.’s Q3 2010 Metropolitan Foreclosure Market Report. Filings include notices of default, auction notices and repossessions.

While Las Vegas’ status is nearly a 2 percent increase from the previous quarter, it is also a 20 percent decline from the third quarter of 2009.

James J. Saccacio, CEO of RealtyTrac, said underlying problems are causing homeowners to miss their mortgage payments.

“High unemployment, underemployment, toxic loans and negative equity are continuing to plague most local housing markets,” said Saccacio in a statement. “And these historically high foreclosure rates will continue until those problems are resolved.”

Other hard-hit areas include cities in California, Florida and Arizona.

Dansette

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