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Las Vegas Homes BlogLas Vegas real estate blog with market conditions, news and availability of Las Vegas homes and condos as presented by RE/MAX Associates. Thursday, November 16, 2006Some Say That The Increase In Foreclosures Is Due To Massive Layoff's In The Automobile Industry
Analysts are weighing in and there is no shortage of opinions on the reasoning of why the number of foreclosures is up in the Las Vegas area.
Some analyst's say the increase is of foreclosures is due to the economy. However stats seem to disagree. The economy is doing well and unemployment is down. According to Jason Adams analyst for Bargain Network, this is not so. Adams feels that massive layoffs in the American automobile industry have been the catalysts for the increase. According to Bargain Network's measure of foreclosure activity, which was 7.1 percent in August, Michigan ranks No. 3. Adam's states the obvious when he says that when people lose their jobs they can't pay their mortgage. Even though home prices have decreased in the Las Vegas area, prices are still considered high. Those higher prices mean home buyer hopefuls have needed a few assists from mortgage banks.
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