Las Vegas (NV) Foreclosures Increase Significantly in the 1st Q of 2006 [View All]

http://biz.yahoo.com/prnews/060413/clth515.html?.v=31

MT. PLEASANT, Pa., April 13 /PRNewswire/ -- The number of foreclosures in Clark County, Nevada, increased by 36 percent in the first quarter of 2006 compared to the same period in 2005, according to Default Research (http://www.defaultresearch.com), the rapidly growing real estate research company for foreclosure properties.

<snip>

"All bets are off in Las Vegas now. With rising interest rates and lower appreciation on the properties people own, it is obvious that the area could see an increase in foreclosures for the next several months," said Serdar Bankaci, president and chief executive officer of Default Research, Inc.

Another problem in Clark County that is contributing to the rising foreclosure number relates to the housing shortage in 2003 and early 2004. According to Bankaci, during that time, many investors bought up properties hoping to cash in as the property values went up through basic supply and demand.

"That gamble did not pay off because the housing shortage ended and these investors, who had no intention of living in the houses, were stuck with overpriced properties," said Bankaci, whose company provides foreclosure data that arrive two to three weeks ahead of the competition.

...more...