You may have seen the recent “good news” in the Las Vegas Sun that housing sales in Las Vegas have stabilized.
The article, however, goes on to point out that any minor benefit is far outweighed by the continued wave of foreclosures so far as well as the ones to come. The article states that “by some estimates, 20,000 to 25,000 foreclosed properties have yet to be put on the market and that could double if foreclosures increase as some expect.”
Additionally, experts say that for the housing market to turn, there needs to be job growth. However, according to the latest data from the Nevada Department of Employment, Training and Rehabilitation, joblessness just went up another almost 1 percent from May to June. Rates are at 12.3 percent in Las Vegas and 12 percent for Nevada. To put this in perspective, Nevada’s unemployment rate was 5.7% for the first 6 months of 2008, and the national unemployment rate is currently at 9.5%. (See this article in the Las Vegas Review Journal for full details.)
The message is clear: The more we can prevent foreclosures, the better off the Las Vegas economy will be and the sooner the economy will recover.
We can’t control housing prices or unemployment. But what we can do is try to help people stay in their homes by using the loan modification process and taking advantage of the new foreclosure mediation program created by the Nevada State Legislature.
Help Stop Foreclosure Las Vegas
The one step individuals can take is to be proactive in seeking a loan modification if you think it will help you avoid foreclosure. It’s not just good for you, it’s good for the economy as a whole.
The mortgage companies may not always be helpful–in part because they themselves may be overwhelmed by the mortgage problems. But if you have a good bankruptcy attorney in Las Vegas on your side who is familiar with the loan modification process and with the new foreclosure mediation program, then you’ll have a much better shot at avoiding foreclosure.
Whether you’re able to avoid foreclosure altogether, or whether you need to take advantage of bankruptcy laws, get in touch with us for a free initial foreclosure consultation to get the Las Vegas bankruptcy help you need and get a complete explanation of all of your options.
Yes, the economic news is grim. But you do still have options. Get in touch to learn more.