Las Vegas Foreclosures Jump 37%
It looks like some speculators in Vegas are trying to cash out and are not finding enough “greater fools.” As the bubble begins to leak air, the first ones out the door are going to be speculators since they will not actually have a need for a house.
[SACRAMENTO, Calif., Jul 18, 2005 (BUSINESS WIRE) -- Foreclosures.com, a California based investment advisory firm specializing in distressed properties, reported today that notices of trustee sales in Clark County, NV rose to 602 in June from 438 in May.
"Defaults had been tailing off from their January high of 639," said Foreclosures.com president Alexis McGee. "Now they're heading up again." Ms. McGee went on to say that, while it was difficult at this stage to pinpoint causes of defaults, it is very possible that some speculators who came late to the party were getting trapped as they try to resell.]
www.foreclosures.com
[SACRAMENTO, Calif., Jul 18, 2005 (BUSINESS WIRE) -- Foreclosures.com, a California based investment advisory firm specializing in distressed properties, reported today that notices of trustee sales in Clark County, NV rose to 602 in June from 438 in May.
"Defaults had been tailing off from their January high of 639," said Foreclosures.com president Alexis McGee. "Now they're heading up again." Ms. McGee went on to say that, while it was difficult at this stage to pinpoint causes of defaults, it is very possible that some speculators who came late to the party were getting trapped as they try to resell.]
www.foreclosures.com
posted by Little_Silvered at 7:32 PM
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