Las Vegas foreclosures rates top list of 100 zip codes

Las Vegas Foreclosure & Real Estate News

According to a recent report, Las Vegas foreclosure reflected the highest rates of all cities in December 2007.  Clark County in particular took the top seven spots and represented a total of 34 of the 100 zip codes hardest hit.

North Las Vegas took the lead with a total of 741 filings just in December. The city of Las Vegas followed representing another 32 zip codes on the list.

California Foreclosure rates were the second highest representing 37 zip codes.  San Joaquin County alone saw a total of 467 foreclosure filings with Contra Costa following with 430 foreclosure filings in December alone.

Surprisingly the more industrial area of Detroit is in a close third with 8 zip codes within Wayne County. The area has seen a lot of job loss, and set backs which have fueled foreclosures in the area.

Some speculate subprime loans, which are more prevalent in these areas, are the major cause of such high foreclosure rates.  Also, those homeowners with ARM, or Adjustable Rate Mortgages, are also more at risk of foreclosures.  According to the Center for Responsible Lending 2.2 million homeowners are awaiting higher interest “resets” this year.

Rising concerns over foreclosure rates and the economy in general have spurred some legislative action. Federal interest rates have been cut to record levels. Even the presidential hopefuls are promising their economic remedies. Yet, some wonder is it too little too late.

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