The Desert Underwater: Las Vegas Foreclosure Crisis - 8 News NOW

Las Vegas, used to decades of continuous building and growth, is now in the middle of an unprecedented housing crisis. With unemployment over 13 percent and thousands of homes underwater and going into foreclosure every month, Southern Nevadans are wondering how we can possibly find our way out of the worst economic predicament in the state's history.

Average Credit Score

655

Nevada borrowers have the second lowest average credit score in the nation, second only to Texas.

July - September 2011 Foreclosure Rate

1 in 39

Las Vegas ranks #1 in per-capita foreclosures, with 1 out of every 39 getting a foreclosure notice between July and September.

Drop in Home Value

-12.4%

Homes in the Las Vegas Metro area lost 12.4 percent of their value during the past year, more than any other city.

FBI Mortgage Fraud Investigations

292

Last year the FBI's Las Vegas field office conducted 292 mortgage fraud investigations, the most in the nation.

Net Homeowner Equity

-$14.1
Billion

Las Vegas mortgage holders are cumulatively underwater by far more than any other city with the amount of mortgage debt exceeding the value of homes by more than $14 billion.

Mortgage Fraud Risk

#1

Nevada ranks highest in the country for the risk of mortgage fraud.

Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and KLAS. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.