Loan Defaults on the Rise
May 29, 2009
Well, Nevada now has the dubious honor of being first in the nation for both loan delinquencies and foreclosures. About one in eight Las Vegas condominiums or house owners in Nevada are behind in their mortgage. People behind in their mortgages increased for the first quarter of this year from 11.12% to 11.75%. This is an increase of .63% from the final quarter of 2008. Homes starting through the foreclosure process also increased during this time frame to 3.35% and homes already in the foreclosure process increased to 7.83%.
These numbers from the first quarter of 2009 foreshadow what a lot of experts have already been saying. The Las Vegas condominiums and housing market is still very weak and more foreclosures are on the horizon.
Although there is a $350 billion dollar federal housing plan in place to help troubled home owners, but some experts say this will bring little relief to the market. Although banks and lenders are being encouraged to change loan payment terms so that people can afford their monthly mortgage payments, nothing can be done to help people who are upside down in their property. If your house is now worth 40% less than what you paid for it 2 years ago, an affordable mortgage is only one of your considerations. It’s almost easier in a lot of ways for buyers to just let their houses go and start over again from scratch.
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