Las Vegas NowThe Latest Housing and Foreclosure Numbers Released

The Latest Housing and Foreclosure Numbers Released

The price of a home continues to go down as the number of foreclosures hits a record high.

The Greater Las Vegas Association of Realtors has just released its numbers for November. They show the median price of single family homes in the valley is down more than 11-percent in the last year. But inventory, or the number of homes for sale, went down.

There were 400 fewer homes on the market in November compared to October -- but home sales aren't nearly as troubling as the foreclosure crisis.

The Mortgage Bankers Association says the percentage of homeowners who started the foreclosure process rose to an all-time high in October 0.78-percent from the summer high of 0.65-percent.

That's not all. The association also says the number of home owners who were late making their monthly payments hit record highs, too. In the third quarter the delinquency rate climbed to 5.59-percent.

Certain homeowners who aren't yet in foreclosure are now seeing some relief. Interest rates will be frozen for about 1.2 million people.

In announcing the Hope Now Program, President Bush said, "Hope Now is an example of government bringing together members of the private sector to voluntarily address a national challenge without taxpayer subsidies or government mandates."

Hope Now puts a five year freeze on adjustable rate mortgages issued between January 2005 and July 2007.

It applies to borrowers who could afford their introductory rates and are up to date in their payments, but who could not handle the higher rates which are coming.

Senate Majority Leader Harry Reid said Nevada is taking steps to help and he's glad to see action from the president.

"In Nevada, we continue to work hard locally with constituent services to make at-risk home owners aware of the options available to them -- but this crisis calls for national leadership," he said.