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Las Vegas Housing News

February 6th, 2008
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Foreclosures hit Las Vegas hard.

North Las Vegas — 89031 has the most foreclosures on the books as of December. This zip code had some 368 default notices, 285 auction notices and 88 bank repossessions for a total of 741 filings in this zip code alone — just north of Craig and 5th.

This information compiled for CNNMoney.com by RealtyTrac. The mortgage meltdown goes well beyond this zip code to other areas in the valley.

Are Speculators to blame?

Roughly 20% of mortgage fraud involved “occupancy fraud,” or borrowers falsely claiming they intended to live in a property, according to an analysis by BasePoint Analytics, a provider of fraud-detection solutions in Carlsbad, Calif. Another study, by Fitch Ratings, looked at 45 subprime loans that defaulted within the first 12 months even though the borrowers had good credit scores. In two-thirds of the cases, borrowers said they intended to live in the property but never moved in.

Some home builders have come to similar conclusions: They now believe that as many as one in four home buyers in some markets were investors during the boom, up from their earlier estimates of one in 10 buyers.

More bad news about the mortgage industry in Las Vegas.

In Las Vegas, the number of fraud cases is rising, and the city is gaining a reputation as the mortgage fraud capital of the U.S.

All the more reason to choose a great company like RKS Loans.  You can count on our honesty and great customer service…every time.

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