The high rate of foreclosures is likely to continue, and median home prices will continue to fall, through 2010 and even into 2011 according to data from RealtyTrac as reported by the Las Vegas Review-Journal.
This despite reported improvements in the U.S. economy.
1. Adjustable Rate Mortgages (ARMs) due to re-set in the coming months, and continuing to re-set through 2011.
2. Unemployment, which continues to be high. Especially in Nevada and Las Vegas.
The consequences? About 4 million more foreclosures to come, with about half of those coming from four states: Nevada, Arizona, California and Florida.
Some parts of the country had a particularly high rate of ARMs. Some have had very high unemployment. Nevada, unfortunately, has been experiencing both of these phenomenon.
What can Las Vegas homeowners do to prepare? Start planning now. You do have options (including the Nevada Foreclosure Mediation Program), and the sooner you understand them, the better you’ll be able to protect yourself.
If you want to help stop foreclosure Las Vegas, talk with a trustworthy, experienced, good bankruptcy attorney in Las Vegas. Go over your financial situation. Raise your concerns. Ask questions. (The only bad questions are the ones you don’t ask!)
Contact us for a free foreclosure consultation. We’ll help you figure out the best strategy for protecting your home and getting your finances under control.