Sadly, Las Vegas is nowhere near finished with foreclosures…
In all likelihood, another 100,000 foreclosures are on the way, and at the current rate, that process will continue for another four to five years.
“It’s been really horrendous that 1 out of 5 homes are foreclosures and we’re not done yet,” Murphy said. “By the time we get to 10 years, it could be half or 40 percent, and that’s staggering. It’s unbelievable.”
Some areas have been hit harder than others, particularly those with newer subdivisions.
ZIP code 89086 shows 33 percent of homes, or 323, have gone through foreclosure, though the percentage is skewed by the small sampling of homes in a relatively new area of North Las Vegas, Murphy said.