Las Vegas, Nevada has held the highest rate of foreclosures for any metro area for 19 of the last 20 months.  And with more than 80% of Las Vegas homeowners underwater on their mortgage in the third quarter, Las Vegas continues to hold the nation's top spot for underwater (negative-equity) homeowners and rates of foreclosure.

Overall, the volume of foreclosures has decreased by about 8.5%.  In the first quarter of 2009, there were 35,321 Las Vegas properties that received a foreclosure filing, compared to the third quarter of this year with 32,288 properties receiving a foreclosure filing.

The median Las Vegas home price has fallen more than 58% from the peak in November 2006 to land at $130,000 in September, according to a report from MDA DataQuick.  This steady decline in Las Vegas home values has left four out of every five homeowners in Las Vegas owing more on their mortgage than the home is worth, according to a recent study from Zillow.

The U.S. statistics for underwater homes is nearly one-quarter, or 23.2 percent of U.S. homeowners in the third quarter, meaning they owe more on the home than it is worth, according to figures released recently by Zillow.

The third-quarter underwater number rose from 22.5 percent in the second quarter and is the highest its been since Zillow began tracking negative equity in 2009.

According to the October Realty Trac foreclosure report, 5 states make up more than 50% of America's foreclosures:

Sources DS News 11-10-10 and HousingWire 11-11-10

Are you looking to purchase property in the Las Vegas area? Now is the time to buy.

Contact Jan O'Brien directly at 702-858-9191.

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