High Foreclosure Rates Could Lead to More Defaults in Las Vegas
Willingness to default on home loans has been found to increase in ZIP codes with high foreclosure rates, leaving foreclosure-heavy Las Vegas in danger.
The city also remains saddled with high rates of homes that are worth less than the debt owed on them, leading to an even more default-prone situation for many homeowners.
"Las Vegas, which leads the nation in foreclosures, is vulnerable. The recently released study shows that 17 percent of households would default even if they could afford to pay their mortgage if the equity shortfall reaches 50 percent of the value of their house."
Published on Friday, August 7, 2009 in
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