Las Vegas real estate, mortgage, appraisal blog

Las Vegas homeowners are getting press again, this time for a rather unpleasant reason. When leaving homes that are going into foreclosure they are trashing the home. According to Las Vegas Review-Journal it is only getting worse.

Gail Burks of the Las Vegas-based Nevada Fair Housing Center said there's an increase in Southern Nevada borrowers who are giving up when faced with foreclosure and "are taking things out of the property, they're putting cement down the plumbing."

Burks also said she's seen an increase in violations of a new state law that's intended to block bogus real estate deals and ensure that borrowers can afford a home loan. She also said there are more cases of renters being forced from homes going through foreclosure.

Assemblyman Marcus Conklin, D-Las Vegas, the study subcommittee chairman, said destruction to homes shows a loss of hope among people who figure there's no way they can refinance their loans so that they can stay in their homes.

"It's bad behavior compounded by more bad behavior," said Assemblyman Tom Grady, R-Yerington, a panel member.

"It's not a new phenomenon," Conklin said after the hearing. "People are upset that they're losing their homes and on their way out say, 'Heck, burn it down.'"

While 6.5 percent of the around 574,000 homes that had loans serviced were past due foreclosure "starts" managed to be up around 34 percent.

It seems that homeowners have decided that if they can't have the American Dream...no one else will either.


Posted by Leah Barr on April 23rd, 2008 11:38 AMPost a Comment (0)

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