lasvegasmtg.com Report: Las Vegas, Nevada's Future Credit Challenge due to the number of Foreclosures and the number of Bankruptcy filings, and the high unemployment rates, Las Vegas, Nevada may see a large percentage of people unable to get any form of reasonable credit for many years to come. Nevada's Future Credit challenge will affect more then just the ability to purchase a home, but will make it harder to find suitable housing, and work that both rely on credit scores here in Las Vegas, Nevada.
Nevada's Future Credit challenge 1. Foreclosure in Nevada
First lets look at the Foreclosure status in Nevada for the 3rd quarter of 2009 to see how this will effect Nevada's Future Credit Challenge. Realty Trac reported that through the 3rd quarter of 2009 the National record of of all foreclosure proceedings was 937,840 units a 5% increase over 2 quarter 2009 and a 23% over the same time in 2008 and this is 1/136 homes are in foreclosures. Realty Trac reported in Nevada there was 47,925 total foreclosures through the 3rd quarter of 2009. an increase over the 2 quarter. of 9.68% and over the same time last year a 58.88% increase, and this is 1/23 homes are in foreclosures. Currently over 110,965 homes since 2006 have been foreclosed on in Las Vegas, Nevada. For a break down of foreclosures in Las Vegas Nevada for each year 2006 = 21,045, 2007 = 30375, 2008 = 31,187 and year to date as of December 7th 2009 = 28,189.
With the new guidelines that will prevent any borrower from getting a home loan for four years from the date of the foreclosure this will affect Nevada's Future Credit Challenge.
Nevada's Future Credit Challenge 2. Bankruptcies
Granted that some of the people that had foreclosures within the last three years might have filed for bankruptcies protection, but the shear numbers of filings tell another story. For the last three years we have seen a gradual increase with the third quarter of 2009 reporting a 23.86% increase in filings for the same time period in 2008. Since 2006 the filings have exceeded the highs of 2005 when legislation changes were enacted for Bankruptcy reform. For 2008 in Las Vegas there was 15,790 Bankruptcy filings and for Oct 2009 there has been 22,600.
With the new guidelines that will prevent any borrower from getting a home loan for three years after the Bankruptcy discharge date, this will affect Nevada's Future Credit Challenge.
With high unemployment rates in Las Vegas at 13%, Las Vegas has seen for the first time a decline in population with a negative migration of 4,000 people for 2009. Until housing prices stabilizes and unemployment rates declines Las Vegas, Nevada will face a Future Credit Challenge.
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John Le Francois
Senior Loan Officer
All Western Mortgage Inc.
8345 W. Sunset Rd.
Suite 200 Las Vegas, NV, 89113 US |
Work: 702-947-0648
Mobile: 702-271-2659
Fax: 702-541-9901
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Amen! Not too many are acknowledging the fact that our incoming resident growth is severely out of whack! I hate to be a pessimist but this ship needs to be turned around and turned around quickly if it isn't to sink!
Renee,
Thank you for the comment. I have to agree with you. I think too many people were hoping that The City Center is going to save Las Vegas. I'm not so sure this will happen or if it will just cannibalize from other places. So many people are suffering and the long term effects will only be known when the dust finally settles.