In Las Vegas, which has the highest rate of foreclosure among cities American, the wave of defaults that began with subprime mortgage borrowers and the unemployed has spread to upscale to the owners who see no reason to stayeven if they can afford. "It feels like a sucker if you pay a mortgage of $ 5 million on a $ 2 million House," said broker Zar Zanganeh.
In the first quarter, 30 houses in Clark County, which includes the Las Vegas Strip and its residential surroundings of mortgage loans exceeding $ 1 million were taken on by banks or bought by third parties in foreclosure sales. Who has some 20 houses a year earlier, according to ForeclosureRadar, a company that tracks the default values. Short selling, in which the Bank agrees to accept less than the balance of the loan, and properties belonging to the Bank represented about three-quarters of all sales at home in the period, according to the Association of Realtors more Las Vegas.
About 100 houses in the County are listed for $ 3 million or more, a supply of five years at the present rate of sale. A list with the firm of Zanganeh, Collection of luxury estates, is a never occupied Manor, belonging to the Bank on a golf course designed by Jack Nicklaus in the ridges, giving a community West of Las Vegas. The asking price is $ 3 million for the House of 8 550 square feet, which was repeated in 2010 and had a mortgage of $ 3.2 million in the Bank of Nevada communitya lender seized by regulators in August 2009. Zanganeh also manages a home of seven rooms with panoramic views of the band. Nicolas Cage, the star citizen Leaving Las Vegas, paid for the House in 2006 $ 8.5 million. He entered foreclosure in December 2009. The next owner, which property records show paid $ 4.2 million, has developed the House on the market of 7.9 million - an "unrealistic" price, Zanganeh.
In Nevada, 23% of delinquent borrowers they said "strategically failed", or walked away from home by choice rather than necessity, report under one month of January by the Association of Realtors of Nevada. "It's the folks who feel despair," said Rob Wigton, Director General of the association of the State. "They have the dice and lost." The population of the County of Clark dropped to about 16 000 of its high estimated 1.97 million in 2008, according to the demographer funded by the Government of a State of Nevada.
The Las Vegas home values plunged 58 percent since the 2006 Summit, most of the 20 metropolitan areas tracked by the S & P/Case-Shiller price index. Prices fell 7.4 percent in March from the previous year to a median of $125,950, Realtors in Las Vegas reported on 8 April. About 70% of area of Las Vegas Mortgage owners were under water at the end of 2010, which means that they had more than the value of the property, according to CoreLogic (NYSE: CLGX - News), a real estate information company. Among the cities with more than 200,000 inhabitants, Las Vegas has led the nation in the pace of the foreclosure actions since November 2009, with one of each 31 homes, subject to a deposit in the first quarter of this annéeRealtyTraca provider of information, made on April 14.
About 20 per cent of the owners of Las Vegas seeking short sales to at least $750,000, according to Jamie Cogburn, Solicitor for the plaintiff has Las Vegas who said that he has managed the 350 sales and works on the 200 more. One of his clients is a physician with a home now valued at about half of its $ 1 million mortgage. The doctor earns enough to save a 20 percent down payment on his next home in a few months at current prices, he said. "Persons with higher income can go buy another House," said Cogburn. You must cut your losses at a time, just as with a stock ".
The bottom line: Las Vegas has 100 houses for sale asking price of $ 3 million or more, which many have been seized on by the lenders.
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