Las Vegas foreclosure lists put the city on top of the foreclosure rate chart in the July to September quarter, based on a report released this week by a foreclosure tracking firm.
With one out of every 20 residential units in foreclosure or 5.13 percent of all units, the Las Vegas and Paradise metro area ranked first in a survey of 203 metro areas in the U.S. Over 40,000 housing units in the area were hit with foreclosure filings.
The pace of foreclosure climbed up by almost 54 percent from the same period last year and rose by 5.4 percent from the April to June quarter.
The other Nevada metro area in the top ten was the Reno-Sparks area, where one out of every 37 residential units was hit with foreclosure. More than 4,700 units received foreclosure actions, representing 2.67 percent of all units in the area. Third quarter foreclosures marked a staggering increase of over 80 percent from the same quarter in 2008 and an increase of 14.2 percent from the April to June quarter.
Because of the increase in number of homes in Las Vegas foreclosure lists, home prices in the city fell in September by 37 percent, based on data from a San Diego real estate research firm. The median sales price in the area for all homes and condo units in September decreased to $130,000.
More than 5,000 homes and condos were sold, marking an increase of 17 percent from September 2008 and an increase of over 6 percent from August this year. Purchases made by representatives of absentee buyers comprised around 40 percent of all homes sold in September.
In Clark County, where Las Vegas is located, a total of 3,162 homes and condo units were foreclosed in September. Two-thirds of all pre-owned houses sold in the county were foreclosures that had been repossessed over the past 12 months.
According to the reports, the continued increase in foreclosures in Las Vegas and other metro areas were largely due to the continued rise in unemployment and the resetting of pay-option adjustable mortgage loans. These factors also caused the increase in foreclosures in areas previously immune to significant increases in foreclosures, such as the Boise-Nampa area in Idaho and the Provo-Orem and Salt Lake City areas in Utah.
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