Nevada’s Face of Foreclosure Report

The Nevada Association of REALTORS® has just released the latest Nevada’s Face of Foreclosure Report. This comprehensive report provides an in-depth look at Nevada’s foreclosure crisis. Go to www.FaceOfForeclosure.org to download the complete report or to watch the Face of Foreclosure video.

One of the many findings of this year’s report is that “strategic defaults” have increased and now comprise 27 percent of the foreclosures in the state (up from 23 percent last year).

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About Guy Johnson

I am a licensed Nevada REALTOR® living and working in Reno, Nevada. Give me a call at 775-722-4011. My team and I will be happy to assist you with your real estate needs.
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8 Responses to Nevada’s Face of Foreclosure Report

  1. Avatar E.Edward says:

    Strategic defaults are rising? that’s a given….. with 284 in place who in their right mind would make their mortgage payment now. Why go through the hassles of a short sale {demonstrating a hardship etc.} when one can simply live rent free for the next few years then rat-hole the money and walk away with a small fortune?

  2. Avatar ursula says:

    Well, we moved to Reno 6 years ago and paid attention and we still do not own a home. We are very tired of renting. Tired of dealing with jerk apartment landlords/complexes and underwater homeowner/landlords.
    But still, how does one find a decent deal in this environment? I just don’t know anymore.

  3. Avatar Raymond says:

    One of the reasons there are barely any comments on this blog anymore is that nothing new ever appears here now. Strategic defaults? This blog had long and extensive and thorough discussions about the pros and cons, the rightness and wrongness, the good and bad, the morality and the immorality, of strategic defaults. Two years ago.
    Yawn.

  4. Avatar E.Edward says:

    Ursula….I feel your pain,
    all the realtor hype aside ask yourself this… What has been fixed here?.. Nothing! What has been corrected?… Nothing! Are 60-70% Nevada homes under-water?… Yes! Are people going to magically start making there underwater delinquent mortgage payment?… NO! {quite the opposite now}. These politicians have become desperate an unfortunately are trying to cut the dragons head off with a broom {via ab284} and its gonna backfire on them big-time.

    Yes sorry to say, for the saver its a sellers market right now, Welcome to world of greed! However there is a silver-lining and patients is the victor. These interest rates are gonna go up sooner than people think. Artificially low interest rates got us in this mess, so how can 44 and counting months of .25 fed rates get us out?….They Can’t! Oh-sure there are those who think were going to settle into some kind of Japan style economy…Not with this massive debt, unemployment and real inflation…Not-a-chance! The only way this market can sustain these inflated prices with higher rates, is if incomes magically increase…..and that’s not gonna happen.
    Higher rates are coming, just a question of when? Couple that with the 284 inventory mess and your looking at huge drop in prices!

    Positive side:….your mobile, your not stuck with some inflated home purchase in a dying depressed area with a 30yr+ mortgage you can’t unload. Plus remember if you owned the home your renting there’s expenses that occur (ever rising taxes, insurance, assoc-fees, maintenance/upkeep, etc)…..So just knock an instant 30-35% right off that monthly rental your paying.
    You picked the best time in history to be renting.
    just my opinion

    luck… E.

  5. Avatar Twister says:

    Ursula…if you had bought a house 6 years ago you’d be looking back now wishing you had been renting all along. Take a look at some of the new developments for a house as you might find something you like there. Now is a good time to buy vs. 6 years ago when it was a very bad time to buy.

  6. Avatar ursula says:

    To all, I need to let you know that I have followed this blog since the Diane and Guy days of 6 years ago and I credit the information shared by both of them and the many characters who have posted here for the fact that we have waited to buy anything until now.

    When either of us goes to work in any given week for quite some time, we hear the woes of our co-workers who have either been foreclosed on or are on the process of losing their homes. We feel badly about it because many of them closed on their homes during a period of time that we very easily could have purchased a home and could be walking in their shoes. It pays to be aware and to self-educate and I am grateful from what I’ve learned here from Guy and others over the past 6 years.

    I’ve never offered any advice here but I will now, be careful who you work with in this current market. It pays to pick someone who has closely observed and is still observing the local economy and market and understands the pitfalls. There are still many brokers/agents around, some new, some old and some without a clue.

    Thanks again for all the good advice, strangers! I will keep you posted!

  7. Avatar Rubiconer says:

    Ursula is not alone in having her ass saved by this blog. Before she left, Diane ran a thread about “how much green” this blog saved people. More than a few people commented that it saved them hundreds of thousands. They seem to be gone now, but the earliest commenters on this blog, like Reno Ignoramus and GotLots and Lindie and Bantering Bear, all of whom said there was a bubble when all the realtor spincrap denied there was a bubble, no doubt saved more than a few people collectively millions of dollars. Hell, if only 5 people were saved from buying a Toll Bros. McMansion this blog played a valuable service.

  8. Avatar ursula says:

    I remember all of those characters from before Diane left. Learned a lot. The Housing Bubble Blog was also helpful back then.

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