Evander Holyfield, Jose Canseco, and Ed McMahon are not alone. In the second quarter of this year, 739,714 homes received at lease one foreclosure-related notice nationwide. That’s up 121 percent from a year ago. Soft housing sales, tighter lending standards, declining home values and a struggling U.S. economy have left strapped homeowners with few options to avoid foreclosure. Experts blame higher debt and reduced demand for housing as well as the adjustable rate mortgages for the alarming spike.Nevada ranks among the top 10 states reported in the highest foreclosure rates. One in every 43 households received a filing, with the worst pocket of foreclosure concentration clocked in Clark County. The county accounts for 90% of the foreclosures statewide.
Assistant Clark County Recorder Charles Harvey calls the rise in foreclosures significant. He said, "As the interest rate increased, we have seen an increase in the number of foreclosures." Harvey says the foreclosures come from all over the county.
Adding to foreclosure woes is that home prices have been falling all year, down more than 14% in the first quarter, according to the latest figures from the S&P Case-Shiller Home Price Index. Price declines strip homeowners of equity, making many mortgage borrowers owe more than their homes are worth.
According to RealtyTrac, foreclosure filings, default notices, auction sale notices and bank repossessions were reported on 261,255 properties during the month, a seven percent increase from the previous month and a 48 percent increase from a year ago.
RealtyTrac is an online marketplace that monitors auction sales notices, default notices and bank repossessions.
Homeowners facing foreclosure should seek help before letting their investment slip away. They should talk to their loan officer about the possibility of refinancing their mortgage to a more affordable program, or contact the Housing Counseling Agency (800-569-4287) for additional resources.
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