According to a report in the Las Vegas Review-Journal, nearly one in five of the city’s residents was more than 60 days late paying their mortgage in the second quarter of the year. But despite the bleak-looking number, there are finally signs that the embattled market is getting better.
The report said that the current delinquency rate was actually down from the first quarter, which itself was a decline from the fourth quarter last year. Las Vegas had a delinquency rate of 18.18 percent for the last quarter, down significantly from the 18.61 percent seen for the previous three-month period, and the 18.89 percent reported before that. Among all major U.S. cities, Miami is the only one with a higher delinquency rate.
“Despite the fact that Las Vegas shows severe mortgage delinquency, there is good news in the plateau,” Ezra Becker, director of consulting and strategy at TransUnion, told the paper Wednesday during a visit to Las Vegas to meet with clients.
However, the Las Vegas figure is still markedly higher than the national average of just 6.67 percent, and even that of Nevada, which had the highest rate of any state in the country at 15.86 percent, the report said.
Many consumers reduced spending last month in what seemed to be a greater effort to pay down their debt obligations. Delinquency rates for both mortgages and credit card accounts declined nationwide.
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