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Foreclosures Double in Vegas and Detroit

Heather said: "It looks as if the housing markets in Detroit and Las Vegas are both suffering. The cities are both reporting that the number of foreclosures in their cities have doubled in the first half of 2007. I know for a fact that Detroit is a horrible place to visit and is probably even worse to live in. I'm guessing that Vegas is just expensive and a lot of transient people end up living there. [QUOTE] Detroit and Las Vegas foreclosure rates doubled from the same period in 2006. Detroit reported 28,705 foreclosure filings on 20,231 properties while in the metro area of Las Vegas comprising Clark County, 22,928 foreclosure filings were reported on 13,028 properties. "The overall trend is toward escalating foreclosure rates, with 82 of the top 100 metro areas reporting year-over-year increases in the number of homes affected by foreclosure," said James Saccacio, chief executive officer of RealtyTrac.[/QUOTE] I suppose this might mean a boon to landlords that have rental properties.. for cheap! [URL="http://today.reuters.com/news/articleinvesting.aspx?type=etfNews&storyID=2007-08-14T115556Z_01_N14406044_RTRIDST_0_USA-FORECLOSURES-REALTYTRAC.XML"]Yahoo News[/URL]"

lil dickie said: "The tale of two cities. With very similar results!"

thezster said: "Vegas is one of those cities in the SouthWest that experienced an incredible housing boom just a few short years ago. People were standing in line to purchase homes that had not even had the foundations laid yet. I am aware of folks who simply bought pre-construction - and sold pre-completion for a serious profit on a regular basis (same thing happened in Florida). With this type of frenzy, you can imagine the price jumps that occurred - and the "creative financing" that went along with it. It was just a matter of time before the bubble burst, leaving lots and lots of folks upside down on their mortgages - and increasing interest rates raising their payments right about now."

AlfredSokol said: "For sure, Z. It seems like they would be particularly hard hit during a melt down."

Heather said: "[QUOTE=thezster]Vegas is one of those cities in the SouthWest that experienced an incredible housing boom just a few short years ago. [/QUOTE] When I visited last spring there was still a lot of new construction going on. Especially out by Red Rock. They haven't stopped building on the strip, either. The funny thing is that most of the people that you talk to out there aren't from there. Heck, our taxi driver was from Toledo, Ohio. One day he got sick of being in Ohio and just left. I think he said he'd been living there for 12 years or something. But driving a taxi from the airport to hotels has to be pretty lucrative.. no one has blew their wad yet!"

Harry said: "Housing... [url]http://www.youtube.com/watch?v=Se14TQ3xstY[/url]"

FirefighterB said: "[QUOTE=Harry]Housing... [url]http://www.youtube.com/watch?v=Se14TQ3xstY[/url][/QUOTE] That's funny and awesome...but I still can't believe they showed 6 minutes of dominoes falling...:sleep006:"

AlfredSokol said: "Nice find Harry. Good for a laugh. :th_SmlyROFL:"