Here’s a look at some of the stories in the news that relate to Las Vegas and foreclosure:
1. Fewer U.S. homes “under water” – In other words, there are still a ton of homes still under water (i.e., the outstanding loan amount is greater than the market value of the property). However, the number of underwater homes is a little less than it was last quarter. Good news if you live macro-economically. However, if you actually live in an home that is “underwater,” this news is probably not particularly comforting.
2. Las Vegas’ foreclosure rate highest in U.S. – Tell us something we don’t already know.
3. Cities, counties find buying Las Vegas Valley homes isn’t easy – The Las Vegas Sun reports on a Neighborhood Stabilization Program in which Las Vegas area municipalities were given funds to buy up homes, renovate the homes and then sell them to low and moderate-income families. However, the program is running into logistical problems, has only purchases a handful of homes so far and is in danger of losing its funds if it doesn’t spend them before the established deadline.
4. Construction Nears Standstill – The Las Vegas Sun article opens with a reference to construction cranes as the “Nevada state bird” and dryly compares it to an endangered species.
Times are tough, and it’s not clear whether we’ve started turning the corner yet.
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