Reid calls Nevada home foreclosures a ‘crisis’ | TahoeDailyTribune.com

Reid calls Nevada home foreclosures a ‘crisis’

Working to address mounting home foreclosure issues in Nevada, U.S. Sen. Harry Reid announced Monday that five mobile resource centers – including one in Douglas County — will be established to help those dealing with debt issues.

“Nevada is facing a foreclosure crisis,” said Reid in a press statement. “Clark, Washoe, Douglas, Elko and Nye counties have been hit hardest by foreclosures. In these counties foreclosure rates have increased 100-300 percent in the last two years. That’s why it’s important that local, state, federal, and agencies come together to identify ways to help Nevadans.”

Credit counselors, lenders, the U.S. Department of Housing and Urban Development (HUD), and representatives from Reid’s office will be at the centers. The Douglas center has been established for Tuesday, Nov. 27, from10 a.m. to noon at the Douglas County Library, 1625 Library Lane in Minden.

“The goal of these mobile resource centers is to provide a place where people in danger of losing their homes can get help. I will continue to do all I can to help address this foreclosure crisis,” Reid said.

While the majority of recent home foreclosures are in Clark County, statistics presented last week 40 homes in Douglas County have been forelcosed on this year. At least 52 homes in Douglas County are now in pre-foreclosure status.

Nevada Legislative research analyst Dave Ziegler told lawmakers last week that 29,000 Clark County homes are up for sale, just under half of them vacant, which lawmakers interpreted to mean they are owned as investments by speculators.

Ziegler said Nevada has had the highest foreclosure rate in the nation for nine consecutive months — one filing for every 185 households in September. And he said national experts predict things will continue to get worse for the next 18 months before starting to recover.

The big problem is the number of adjustable rate mortgages are expected to jump upward in the coming year. More than 2 million adjustable-rate mortgages are scheduled to reset around the country by the end of 2008. Tony Ramirez, of the U.S. Department of Housing and Urban Development, said there are more than 15,800 properties in Nevada in pre-foreclosure status as of August.

He presented figures showing another 11,700 properties have already been foreclosed on.

— Associated Press reporter Brendan Riley and Nevada Appeal reporter Geoff Dornan contributed to this report


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