Posts Tagged ‘nevada’

1 in 7 Nevada homes are vacant

In Data, News on March 15, 2011 at 9:19 am

US Census data shows us the enormity of the housing problem in Nevada and why it will take decades to get out of the hole.

There were 167,564 empty houses in the state last year, according to newly released U.S. Census data, more than double the number in 2000. The number of vacant homes represents about one out of every seven houses across Nevada.

An interesting blip in the statistics is that Nevada has – simultaneously – the highest rate of mobility in the country and the worst market to sell a house.

More than 16 percent of Nevadans relocated to new residences within the state in 2008 alone, the highest mobility rate in the nation, the Census data shows.

So what does that mean? It means that Nevadans are not moving willingly, they are being forced to move. Without a doubt it is going to take Nevada many years to rebuild an economy capable of supporting the excess housing inventory and clear the vacancies.

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Foreclosures up in 2011

In Data on February 14, 2011 at 6:26 am

Following the report that a Record 2.9 Million U.S. Properties Receive Foreclosure Filings in 2010 the impact of those foreclosures is working its way through through the system.

RealtyTrac reports that foreclosure activity is up 1% in January. According to the report lenders foreclosed on 78,133 U.S. properties in January, up 12 percent from December.

Among the leaders is Nevada, of course:

Nevada bank repossessions increased 16 percent from the previous month, helping the state maintain the nation’s highest state foreclosure rate for the 49th straight month — despite month-over-month decreases in default notices and scheduled auctions. One in every 93 Nevada housing units received a foreclosure filing in January — more than five times the national average.

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UNDERWATER – 71% of mortgages in Clark County, NV

In Data, News on February 8, 2011 at 2:41 pm

Chilling stats reported by USAToday show that more than 50% of residential mortgages in more than 17 counties are underwater.

Topping the list is Las Vegas.  As of September 2010, in Clark County, Nevada, home of Las Vegas, North Las Vegas and Henderson, 71% of mortgages are underwater.

Thats 71% of all remaining mortgages after the foreclosure crisis has already wiped out 10s of 1,000s of mortgages from 2007 through today.

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