Wednesday, July 14, 2010
Real Estate is Scarier than Fiction
Las Vegas has been named the #1 Riskiest City for Homeowners in the U.S. In Las Vegas, 8.70% of the homes are in foreclosure. That's terrible enough, but what's worse is the additional 9.86% of home loans that are 90+ days delinquent. That's more than double the average delinquency rate (4.4%) in the 100 biggest cities in the U.S. Almost 1 in 5 homes in Las Vegas is in foreclosure or soon will be. The real estate double dip is officially underway.
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It's true, the "city in the desert" is almost as far under water as the Deep Horizon oil well.
ReplyDeleteBoth disasters are so far "under water" that nobody knows how to fix them.