In Spanish Las Vegas means The Meadows. It is the most populous city in Nevada State in Clark County. Las Vegas is famous for gambling, shopping centres, eateries and entertainment. It is the Sin City and the fun capital of the world with easy marriage laws and legal prostitution. Today it is becoming famous on another count – its innumerable Las Vegas Repo homes.
The increasing number of Las Vegas Repo homes shows that the city is one of the leading nations in foreclosure. From the count of Las Vegas Repo homes it seems one out of 60 houses were in foreclosure in February. By Las Vegas Repo homes are meant those houses that lenders are repossessed after going through the process of foreclosures. When the houses fail to sell at the court auctions then the banks repossess the houses. There are so many Las Vegas Repo homes that the banks are in a quandary as these Las Vegas Repo homes are posing problems on the socio economic front having political ramifications.
The countless Las Vegas Repo homes have made the city become known as the foreclosure capital of USA. For the first time since last October Las Vega has become top foreclosure offending city in the country. Its foreclosure rate of 1:60 is seven times greater than the national average.
The default notices increased by 32% in February 2009 counting to 8, 4016. In January 2009 it was 6,064 and in February 2008 the number was 4,367. The figures have been released by RealtyTrac. The firm has started keeping statistics since 2005 and this is highest number for Nevada. In January foreclosures dropped by 4% in comparison to December 2008 and many had become optimistic that the foreclosure crisis was slowing down.
In Nevada there were 15,783 foreclosure postings in February 2009 – an increase of 9% from January when 14,444 listings had been noted. The slight fall in the actual number of units that were foreclosed upon was most probably because of an artificial hold imposed on foreclosures by lenders during the holiday season. They were also waiting to see what surprises the new Obama team had to tackle the crisis.
Nevada leads the nation in foreclosure rates with 1:70. For more than two years Nevada has held the top rank where rates were concerned. Compared to January the spike was by 4% and compared to February 2008 the increase was by 156%. In the first quarter of 2009 the foreclosure rate for Nevada was 1:27.