This article in the Las Vegas Sun discusses current data released by Lender Processing Services Inc. of Jacksonville, Florida, which showed that 21.8% of mortgages in Nevada were delinquent or in foreclosure in May. That’s one out of every five mortgaged homes! Nevada’s loan default rate is nearly double the national average and second only to Florida at 22.4%.
What does this mean for people considering bankruptcy? In my opinion, it is further evidence that house prices aren’t moving upwards in Nevada anytime soon – there are still thousands of homes that are going to be sold or auctioned at losses for the next few years. It also shows that people are falling behind in significant numbers, and that the delinquency rate follows some estimates of the actual, on-the-ground unemployment rate in Nevada (and not just the artificially low government statistic).
If you are behind on your mortgage and looking for financial solutions, call me – attorney Ryan Alexander – at (702) 222-3476 and set up a free consultation where I will personally review your situation with you.
