Nevada foreclosures still climbing

Everybody and his uncle continues talking about the soft real estate market we have here in Nevada today. Whether they are losing their pants in there or not, they are still comparing notes. And why not? I would, too.

So, let's go right into the latest stats on it, which by the way are rather glum. Or maybe not. It actually depends on what side of the fence you are on.

So, here it is. Nevada had one foreclosure filing per every 165 households in August, which is the tops in the nation. Ouch. And our number is more than three times higher than the national average. To clarify, these stats consist of default notices, auction sale notices and bank repos, a bunch of different things and this information is provided by RealtyTrac. Regardless, it's still pretty bad.

Anyway, for the homeowner who is struggling today with his payments, perhaps the lower mortgage rates that we have seen in the last couple of weeks could be the way out. A basic refinance might be all he needs.

On the other side of the fence stands the buyer. For him this is one of the better times ever to find a bargain here. They certainly don't call this a buyer's market for nothing. There are thousands of vacant homes out there that can be purchased at great prices and with low mortgage rates.