Increased Foreclosure Rates In Las Vegas

5382 words - 22 pages


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...

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