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Las Vegas the capital of high rollers -- and foreclosures

By Implode-Explode Heavy Industries

"To the many dubious distinctions of Las Vegas, add one more: foreclosure capital of America. According to RealtyTrac, a property listings firm, one in every 10 homes in the city was in some stage of foreclosure last year, almost five times the national rate. In North Las Vegas, a poorer suburb, the figure was one in five. These statistics would be even grislier were it not for the inability or reluctance of lenders to eject all those who are in default at once. People who have managed to hold onto their homes are far from lucky: Property prices are around 60 per cent below the peak they reached in 2006, leaving 70 per cent of homeowners in the area owing more on their mortgages than their property is worth. "

Full post as published by Mortgage Lender Implode-o-Meter on March 28, 2011 (boomark / email).