Foreclosure Rates in Different Regions Of The United States

The peak foreclosure rate in the US for the third quarter strikes Las Vegas, and was followed by cities in California and Florida. Seeing that, the high unemployment rate caused more borrowers incapable of paying their mortgages. Based from reports of real estate experts, the increase in the unemployment and the mortgage resets continue to gradually change the nation’s foreclosure epicenters. Those that were regarded where there has the highest increase in the foreclosure activity rates were in Idaho and Utah. Foreclosure rate almost doubled, reaching as high as 60 percent from a year earlier in Chico, California and in Reno, Nevada. Based on the report, the filings in Vegas rose 54 percent from a year earlier. There are also 77 percent rate increases in Prescott, Arizona, 64 percent rate increase in Jacksonville, Florida and Rockford, Illinois; and lastly 41 percent increase in Lansing Michigan. Las Vegas led the nation having a 5.13 percent of households receiving a filing in foreclosures, almost seven times the US average.

New York was ranked 138th where they have less than 1 percent of households in default or foreclosures. In Merced, California, the number dropped 11 percent from the third quarter of 2009, making it the nation’s second highest rate, with 3.72 percent of household receiving a filing. Three other cities in California were ranked sixth through eighth, these are: Riverside-San Bernardino, California; Bakersfield; and Vallejo- Fairfield. Down in Los Angeles, a 1.58 percent of households received a filing making it go up rank to the 23rd spot.

A Report On Short Sales in Las Vegas

A number of home owners in Las Vegas are enduring short sales. When a home is sold for less than the remaining mortgage , or simply walked away. The Knights' ZIP code, 89108, tallied the second-most foreclosures in the Las Vegas region last year, according to SalesTraq. Eventually, the Knights did go underwater. Even though the sales volume in Las Vegas has regained some strength recently, home prices are expected to remain listless, possibly for a couple of years. So when the Knights got this year's property value notice, they gasped: about $153,000. It couldn't be worth that much, they thought. One home similar to theirs, but with a swimming pool, had recently sold for $132,000. And this is why the Knights were now before the board. Last year their property tax was about $1,500, a tough amount with two people unemployed. They contended their home was worth $125,000.


Based on the reports of real estate experts, since 2005, Nevada law has capped annual property tax increases, somewhat similar to California's Proposition 13. That hasn't diminished complaints to the Board of Equalization. When the market was scorching, owners griped that homes got too pricey, too fast. When it cooled, they griped that home values - and corresponding tax bills - didn't drop quickly enough. Based on the data this year, whiplashed property owners in Las Vegas tried to regain some feeling of control. The board will hear a record 8,300 commercial and residential appeals, about six times more than in 2008. Some home owners had fidgeted through a dozen or so appeals, and things did not look good.