This website uses cookies to ensure you have the best experience. Learn more

Increased Foreclosure Rates In Las Vegas

5382 words - 22 pages

RUNNING HEAD: INCREASED FORECLOSURE

Increased Foreclosure Rates in Las Vegas
Robert Hampsten

Increased Foreclosure Rates in Las Vegas
Home foreclosure rates are on the rise in America due to the current economic crisis. As a result rapidly growing cities are seeing larger increases in foreclosure rates than most rural towns. Las Vegas happens to be one of the cities with increased foreclosures. According to Applied Analysis (2008) “during the month of November 2008 Clark County reported 2,127 new foreclosures, which doubled the number reported in the same month of the prior year.” Team B discussed reasons for the increase in foreclosure rates in Las Vegas and what ...view middle of the document...

3% from January 2006 to January 2007” (Smith, 2007). However, as fast as home prices increased in Las Vegas they decreased at an even quicker rate because the economy plummeted which resulted in locals losing their jobs and being forced out of their homes because they could no longer pay the mortgage. As a result, the foreclosure rate on homes in Las Vegas nearly doubled in one year. Team B found this to be an intriguing topic and essentially decided the research problem at hand is deriving conclusions as to how a city who “saw a population increase of 60,000 people over the past ten straight years” (Wargo, 2008) with new homes being built rapidly to accommodate for this increase become a city with home foreclosures doubling over the past year? What are some of the factors that created this increase in foreclosures to occur and how can such a large city like Las Vegas decrease the ongoing housing crisis?
Importance of the Research Problem
  Home foreclosures never are a laughing matter. Many side effects occur with foreclosures that affect the individual person, the community, the state, and the country. To understand the effects of foreclosure a person needs to understand what and why foreclosures happen. “Foreclosure is a legal proceeding that bars or extinguishes a mortgager’s right of redeeming a mortgaged estate” (Merriam Webster, 2009). So basically foreclosure occurs when the home owner can no longer keep up with there monthly mortgage payments. Foreclosures are an occurrence that happens for several reasons; loss of job, divorce or separation, unplanned expenses, and filing for bankruptcy.
Once a foreclosure does take place, some ill side affects can still occur because of the foreclosure. Some of the affects of a foreclosure are:
• Loss of equity in a home. Homes usually increase in value over time so having a home foreclosed can mean thousands lost to the homeowner.
• Unable to borrow money in the future. Having a foreclosure on a person’s credit report destroys his or her credit. This labels a person as a bad credit risk for the next seven years.
• Loss of employment. If a foreclosure was not caused by loss of employment, it could still cause one to lose his or her job. Most employers require employees to maintain proper credit. Having a foreclosure on one’s credit could cause a person to lose his or her job or not be put in for job advancement, thus losing out on better playing positions.
Answered Questions Conducted by the Research
In this paper, Team B researched into the Las Vegas foreclosure rates. With a city that once was one of the fastest growing cities in the country and now has become one of the cities with the highest foreclosure rate, our group has come up with several questions that will need to be researched to reach a conclusion. With all the questions that Team B has come up with, the team has narrowed it down to a select few. One of the main questions that...

Other Essays Like Increased Foreclosure Rates in Las Vegas

Marketing Essay

1719 words - 7 pages is a change in behavior. Organization Name Las Vegas Rebels Football Team Mission Statement The Mission of the Las Vegas Rebels is to manage, serve and promote the game of football in the greater Las Vegas area, at the professional level. Also to assist teams and participants in their various forms of involvement with the community, to respect all the rules of the sport and to encourage and facilitate the involvement of as many people as

Jhghjghfghfhg Essay

826 words - 4 pages , they seized the opportunity and struck. Vibe magazine, however, cast doubt on this scenario when it presented a time line of the events as Philips describes them. On fight nights, the streets of Las Vegas are always jammed with vehicle and pedestrian traffic. The shooting occurred two hours and thirty-two minutes after the beating of Orlando Anderson. According to Vibe, the Crips couldn't possibly have gotten a hit team on the street in that time

Tittle Theory

1335 words - 6 pages foreclosure. The State of Massachusetts used the Title Theory, and the foreclosure process has many steps. Under this process, the Lender must file a complaint under the service member’s civil relief act in a land court or superior court, stating the intent of the foreclosure. Homeowners must be served with a copy of the complaint and has 20 days to file an answer. The following steps are included in this process: 1) Default and Right to

The Foreclosure Crisis

1102 words - 5 pages decreased ability of borrowers to receive certain types of loans. Initially, the foreclosure crisis hit low-income neighborhoods disproportionately.1 Foreclosures remain concentrated in these neighborhoods. But in recent months, the foreclosure epidemic has spread more deeply into higher-income neighborhoods. These higher-income neighborhoods have not been hit uniformly, however. Thus, foreclosure rates now vary widely across both lower- and higher

Solving The Foreclosure Crisis

1026 words - 5 pages This essay will clearly state a solution to the foreclosure struggle from which this nation is currently suffering. This plan to impede the extremely rapid rise of foreclosure rates in this beautiful country requires not only the work of businesses, but the work of the people as well. Since this problem is affecting the country as a whole, we must join together and act as one country if we are to have any hope of winning this battle against

Nibc Valuation Memo

3359 words - 14 pages which are exhibiting higher growth rates and fostering superior margins. It is evident that the Las Vegas asset does not fit well with the company’s future strategic goals of expansion into Asia. Due to current U.S. economic conditions, Las Vegas properties will experience slower growth potential in an already saturated market. Divesting this asset now would most likely lead to optimal exit multiples. The extra capital gained from this sale could

Sports Obermeyer

699 words - 3 pages . 3. Raw materials acquired from different countries increased the lead time. This should be avoided in order to implement efficiency in ordering process. Exhibit6 shows that fabric preparation takes 45-60 days and YKK zippers takes 60-90 days. 4. It takes one year time for the design process for shows in Munich and Las Vegas. OPERATIONAL STRATEGY Through the Las Vegas show they get the market trends of the customers. There is a dire

Grant Proposal

3594 words - 15 pages two full-time advocates to represent our clients who are underage prostitutes who are seeking to become productive members of society. Human Nature Project will bring two full time advocates to work in our agency’s office to help bring our clients into a partnership within our community. Our agency is located at 1234 Human Nature Ave., Las Vegas Nevada 89149. We believe this request fits under your giving area of Nevada Anti-Prostitution

Supplier Partnering Agreement

1139 words - 5 pages A Supplier Partnering Agreement at the University of Las Vegas Introduction The supplier partnering agreement at the University of Las Vegas case reflects the initiative of the Nevada Office Supply Company (NOSC) to become the sole supplier of office goods, not only to the University, but also to all state institutions involved in education. NOSC already is a major supplier to these institutions with approximately 50% of the business

Bob Is Great

871 words - 4 pages If you want to understand Las Vegas history, you must get to know Moe Dalitz. Consider that no mean feat, as Dalitz died in 1989 and in life was a private man. Dalitz gave few in-depth interviews in his lifetime, but much was written about him. Las Vegas history is filled with characters who lived double lives. The life of Moe Dalitz is perhaps the best example of a gambling man existing in sunshine and in shadow. His story might have been

Cellphone

1257 words - 6 pages the Delta Shuttle or a Las Vegas hotel, whose ads would appear while the consumer was browsing the Web on his phone. ''Everyone's in an arms race to find out more and more about their users,'' said Eric Bader, the managing partner of the mobile advertising firm Brand in Hand. Even application developers are handing over information about their customers to marketers. Dockers San Francisco, a brand of Levi Strauss, for instance, is beginning

Related Papers

Development Of Las Vegas Essay

1108 words - 5 pages Development of Las Vegas Did you know that 38.9 million people visit Las Vegas each year? Las Vegas gets much attention from all over the world not only in America, but this attraction took many decades to develop. This is the journey from how the grasses of “the meadows,” turned into the gambling world of Las Vegas. Las Vegas, Nevada is well known for the casinos and the large hotels, it is also known for drive-thru weddings. Millions of

Casinos, Gambling, And Their Impacts Essay

2380 words - 10 pages impact of costs on in the United States I wanted to expand a little more and see how casinos affect the economy. I came across a study done in January of 2000 by Roger Dunstan. In it he states that Las Vegas is a prime example of how the local economy is stimulated by the casinos. There is a higher rate of unemployment compared to other cities fewer or no casinos. Casinos create numerous amounts of jobs for the people in the community, but due

Management Essay

1336 words - 6 pages interest rates, inflation rates, and other trends affecting the current status of the economy, (Pearce & Robinson, 2011). Las Vegas, Nevada is a vast, diverse, melting pot of individuals from various races, classes, nationalities, and religions. As a result, there is a great demand for the availability of services of R.T. Athletics across the city for all persons. Introduction In this paper R.T. Athletics will examine the internal and

Solving The Foreclosure Crisis: Not The End Of The Problem, But The Beginning Of The Solution

1157 words - 5 pages property is terminated, usually due to default” and it “typically involves a forced sale of the property at public auction, with the proceeds being applied to the mortgage debt.” (Foreclosure 1). Ultimately, it begins when the owner of a home is unable to make the required mortgage payments every month, therefore the homeowner falls in to default. The borrower receives a notice of default which warns that legal action will be taken soon. In