Las Vegas was once the capital of America’s foreclosure crisis. Lenders seized homes throughout the valley following the late economic collapse. Current repossessions continue, but an improved jobs market has seen these numbers dwindle on strong economic news.
In the previous year, nearly one percent of homes were at risk of foreclosure, a welcome decrease from 12 percent at the height of market troubles in 2009.
Las Vegas has had the 35th-highest foreclosure rate in the nation, which is both high, but excellent news given the severity of the local recession.
Recent job growth has restored confidence, and drastically lowered late payments and projected foreclosures. Locals are not out of the woods yet, but as spending and tourism increases, the economy is set to strengthen.