More Las Vegas homeowners falling behind on payments, report says
Southern Nevada homeowners are increasingly falling behind on their mortgage, a new report shows.
Nearly 1,290 notices of default were filed in Clark County in the first six months of this year, up 28 percent from the same period last year, according to UNLV’s Lied Center for Real Estate.
Single-family houses comprised the majority of default notices this year (1,035), followed by townhomes (133) and condos (83).
Nearly 200 default notices were filed in June, up almost 32 percent from the same month last year, according to the center.
In general, a notice of default is filed after a property owner falls behind on their mortgage payments. It typically signals the start of the foreclosure process, though a borrower can still avoid losing their property, including by working out a deal with their lender or paying their debt.
Nicholas Irwin, research director for the Lied Center, said that while the number of defaults is still low by historical standards, this upward trend is concerning, especially considering the valley is dealing with a slump in tourism, the region’s main economic engine.
He also noted that Las Vegas’ unemployment rate is higher than the national average and said that there may be some “turbulent times ahead” for the local economy.
In the housing market, sales are down as record-high prices and elevated mortgage rates have made it unaffordable for many would-be house hunters to buy a place.
The U.S. economy overall has been on a roller coaster of uncertainty this year amid President Donald Trump’s trade wars. Irwin said the second half of 2025 is probably going to give everyone a good indication of the actual impact of Trump’s tariffs, which could boost prices for businesses and consumers alike.
Irwin said that he will be eagerly looking at economic outpost numbers and consumer sentiment surveys “as we start to get a handle on the economic damage created by the tariffs.”
Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.
