Record joblessness contributes to Las Vegas' #1 ranking as Forbes' "riskiest city for homeowners"
Las Vegas ranks at the top Forbes magazine’s list of Riskiest Cities for Homeowners, the magazine reported in its July 9 issue, on newsstands today.
Overall, 7% of all U.S. homes loans are at least 90 days delinquent in the 10 riskiest cities in America – the rate is 10% in Las Vegas. Contrast that to the 4.4% average delinquency rate in the nation’s 100 largest metro markets. And record-high unemployment in Las Vegas and similarly distressed markets is fueling the problem.
"It's not purely a house price story; there's a second story going on," Kyle Lundstedt, a senior managing director at Lender Processing Services, the Jacksonville, Fla.-based mortgage-industry service provider that compiled data for Forbes’ analysis, told the magazine. "When you combine even moderate house price declines with significant unemployment, you get a double whammy that has significant consequences for the consumer."
Posted by Rebecca Theim at 7/09/2010 07:05:00 PM