Stop with the studies.  

Stop with the reports. 

Stop with the investigations

Here is the deal with housing

In 2008 Las Vegas recorded 77,000 foreclosures.  In 2009 we are foreclosing at a rate of 6,000 per month.  This will put us on line for 70,000 plus again.

There are roughly 700,000 homes in Clark County.  That means 10% have been foreclosed on or are being foreclosed on.

80% of all properties are currently under water (worth less than the current mortgage note value) 

That's 560,000 homes underwater. Not including the foreclosed properties.

Half are attempting to modify their mortgages thru third party servicers or by themselves that's 280,000 homes.

The other 280,000 are going to struggle by and hopefully make it. 

Nationally and Las Vegas is no different, 10% of mortgage modifications have been granted by lenders.  That means that 28,000 mortgages will be modified and homeowners granted a cure to mortgage distress.

That leaves 252,000 homeowners in trouble and most likely will lose their homes to foreclosure.

140,000 over the past two years (were not even counting 2006 & 2007 which were not slouch years for foreclosures)  plus the 252,000 coming in the next 24 months means that a total of almost 400,000 homes will or have been foreclosed on in Las Vegas in a four year time period. 

Of course that is over 50% of the homes in Las Vegas.

So is it now time to call every elected official that you know and start having sit-ins at banks and campaign offices.  This mess is not going away and is only gaining speed. 

I have been ranting about this for two years now and we all hope that things will improve.  But their not.  Unemployment is up, tourism is down, our elected officials have killed all our "PORK" projects that should have brought money to Nevada. (why not every other state gets theirs-cash for clunkers)

Mortgage companies and banks are getting rich off of this crisis and they are responsible for this mess and the only losers are us the general public.

This mess is going nowhere.  We are going to literally re-sell Las Vegas again at half-price.  Most realtors, mortgage agents, and commissioned sales people in Las Vegas that I know have already lost their homes and are recovering in a rental, lease option or another job/career.

When will elected officials and government regulatory agencies finally figure out what is going on?   Never (big business who issues the reports to them are overseeing their own industries)   When will the people of Las Vegas and the rest of the county come to their senses and cry enough.  Are we all so beat down that we don't get it and don't care?  Have we been so desensitized that we just don't care?  We all think it is someone else's problem?  Is this town, county so big that we think we can't enact change?

Somebody plan a march and let's get going. Big business, banks & mortgage companies are ruining our lives.

Here is the solution-Pass a law that say if a homeowner is current on taxes and HOA the lender cannot foreclose.  Period, end of story.  The city/county/state wins the community wins the homeowner wins and the lender will be forced to negoitate.