weather icon Cloudy

Nevada leads nation in home foreclosures, report says

Updated September 20, 2023 - 9:40 am

Nevada led the country in August in home foreclosures, according to a study from ATTOM, an online real estate data company. And Las Vegas ranked third among cities in the U.S. with the highest foreclosure rates.

One in every 2,224 housing units in Nevada had a foreclosure filing in August, beating out Illinois, South Carolina, New Jersey and Delaware, according to the new report.

Nationally, there were 33,952 properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — a 7 percent increase from July, but down 2 percent from one year ago.

In Las Vegas, one in every 1,796 houses was in foreclosure in August, behind Columbia, South Carolina and Fayetteville, North Carolina.

Realtor.com reported that Nevada emerged as a “flashpoint” for a massive wave of foreclosures during the 2008-09 economic downturn, which was fueled by a sub-prime mortgage crisis.

“The (Las Vegas) housing market took years to recover after the influx of these vacant homes in the state,” the report stated. “However, real estate experts don’t anticipate another wave of foreclosures in Nevada — or anywhere else in the country. In the aftermath of the housing bubble, lenders have tightened the qualifications needed for borrowers to receive a loan. Today’s buyers are financially stronger and less likely to default on their loans. Even if they lose a job and can’t pay their mortgage, many will be able to sell their home before a foreclosure is completed. Most will even walk away with some cash.”

Las Vegas is dealing with a real estate slowdown — much like the rest of the country — due to a lack of supply and record-high mortgage rates. Renters are also hoping for relief in the city given that a wave of new apartment units is coming onto the market this year.

More housing proposed for Downtown Summerlin

Developer Howard Hughes Holdings has submitted plans to build another project near the Whole Foods-anchored retail center.

Should Las Vegas worry about declining population?

U.S. Census Bureau estimates the country’s population will peak this century and a shift in mentality will take place across the planet according to local demographers.

How much money do Summerlin residents make?

The median average household income in the master-planned community in the western Las Vegas Valley tops six figures.

How many people lived in Las Vegas 30 years ago?

UNLV’s Center for Business and Economic Research’s report nearly 30 years ago had some spot-on projections for 2024.

Vegas cannabis-friendly hotel on the market

The hotel near the Las Vegas Strip is up for sale a little over a year after it reopened under a new name.