The numbers are in… and they’re anything but pretty. The 2011 foreclosure map for Las Vegas has just been released.
http://www.realtytrac.com/trendcenter/nv/las+vegas-trend.html
A quick look at the map reveals the average foreclosure rate in the Las Vegas valley is in the upper teens. The spread throughout the valley is anywhere from a low of 11 percent to a high of a whopping 33 percent.
A closer look at the 2011 foreclosure map reveals some trends in the numbers. Communities in the outlying parts of the valley have experienced a higher rate in foreclosures. Those are the areas that have newer homes and were built up during the real estate boom. The lower foreclosure rates tend to be more centrally located. In those areas, homeowners have often been in their home for quite some time. They’ve had a chance to pay down their mortgage. Many own their homes free and clear. The other parts of town with lower foreclosure rates are in the higher end communities. Those areas have a higher percentage of homes owned free and clear as well. Other homeowners put a large chunk of money down on their home and may not be upside down like so many are in the city.
What will 2012 hold? More foreclosures. Of that, we can be certain. As to the number, only a crystal ball could tell.
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