Vegas Realizes it Has Some Foreclosure Issues

VEGANS LEARN ABOUT FORECLOSURE
In Southern Nevada, an area known as ground zero of the nation’s housing crisis, far fewer people than expected have received home loan modifications through a $75 billion stimulus program designed to reduce the impact of fore­closures on communities scoups two articles in the Las Vegas Review Journal here and an article and here.

REAL ESTATE CRUD IN THE VALLEY

Seventy-five percent of Southern Nevada home­owners are underwater on their mortgages, meaning they owe more on their loans than their homes are worth. That is far and away the highest rate in the nation, according to a recent report by First American CoreLogic, a Santa Ana, Calif.-based company that compiles national mortgage data.

HAMP DEAL KINDA SUCKS

More than a year into the initiative, only about 4,000 local homeowners have qualified for permanent adjustments under the Home Affordable Modification Program, or HAMP. To put that number in perspective, about 7,400 homeowners in Clark County received notices of default in February alone, according to ForeclosureRadar.com, which tracks housing data in several Western states.

FORECLOSURE HELP AINT WORKING

Another major stimulus initiative, the Neighborhood Stabilization Program, has also yielded disappointing results in Southern Nevada. In January, the region was denied hundreds of millions of dollars in program funding to help put families in foreclosed and empty homes.

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