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Last updated on February 3rd, 2021 at 10:56 am
In a report from CoreLogic, a leading analyst, Las Vegas and Henderson rank as the riskiest real estate markets in the nation because of the high rate of serious delinquencies in Southern Nevada and the area’s high unemployment rate.
CoreLogic predicts that home prices in Southern Nevada will fall by 7.8 percent by July of 2021.
While the prices in San Diego are expected to increase by 5.8 percent during the same time, evidence of increasing fluctuation in the real estate market.
The report states that home prices in Nassau and Suffolk counties on Long Island have experienced an annual gain of 4.3% in July, as residents continue to migrate away from more densely populated areas like the New York-Jersey City-White Plains metro, which recorded only a 0.4% increase.
Corelogic reports, Nevada has the third-highest rate of serious mortgage loan delinquencies, defined as 90 days or more past due, including foreclosures.
The hard-hit of COVID-19 also resulted in an increase of, the serious delinquency rate in all states in June over last year.
New Jersey led the year-to-year increase in serious delinquencies — up 3.7 percentage points to 5.8 percent. New York’s rate of 6.4 percent was up 3.6 percentage points.
In Nevada, the serious delinquency rate climbed 3.4 % points to 4.6 %. Here one in five people were unemployed in June, the overall delinquency rate was 8.9 percent.
The Las Vegas-Henderson area has the third-highest delinquency rate among the ten largest metropolitan areas in the nation at 5.3 percent.
Miami is first (7.1 percent) followed by New York-Newark-Jersey City (6.7 percent).
Nationally, 7.1% of mortgages were delinquent by at least 30 days or more in June, a 3.1 % point increase in the overall delinquency rate compared to June 2019.
According to another report from CoreLogic, America’s mortgage delinquency rate is at its highest point in five years.
They predict that without government intervention, serious delinquency rates could nearly double from June levels by early 2022.
