weather icon Clear
RJ App
Vegas News, Alerts, ePaper

Vegas mortgage delinquencies nowhere near peak of Great Recession

Some recent news stories about homeowners struggling to pay their mortgage have overstated the current scope of the problem.

There’s no denying that thousands of Nevadans are having trouble paying their mortgage for obvious reasons. Still, I was glad to see the Las Vegas Review-Journal’s July 21 story headlined “Southern Nevadans falling behind on mortgages amid pandemic” included some of the more balanced statistics we’ve been tracking at the Nevada Bankers Association.

As the R-J reported, mortgage delinquencies in Southern Nevada have increased since the pandemic, “but the share of local homeowners behind on their payments is still nowhere near the peak of the Great Recession a decade ago. Payments were at least 30 days late on 8.5 percent of Southern Nevada home loans in April, up more than double from 3.4 percent in March, housing tracker CoreLogic recently reported. Nationally, payments were at least 30 days late on 6.1 percent of mortgages, up from 3.6 percent in March.”

These statistics show we’re in much better shape than in early 2010, when the vast majority of local homeowners were upside down and nearly 25 percent of local mortgages were at least a month delinquent, compared with the peak of 12 percent nationally around that same time.

As we’ve been saying since this crisis started, the best thing for homeowners to do when having trouble paying their mortgage is to immediately contact their lender.

It’s also important to note that even after Nevada’s ban on evictions and foreclosures ends on Sept. 1, federal protections under the CARES Act will cover about 85 percent of all Nevadans with a mortgage, allowing up to 12 more months of deferred mortgage payments.

Armed with effective mortgage deferral and forbearance programs and lessons learned from the recession, Nevada banks have been doing an admirable job of working with their customers during this pandemic to keep them in their homes. The statistics reflect that.

That’s why our members urge state leaders to resist the temptation to enact counterproductive programs and regulatory obstacles that delay or detract from the ability of Nevada banks to do their job and continue working directly with their customers.

Phyllis Gurgevich is the president and CEO of the Nevada Bankers Association, the united voice of Nevada’s diverse banking industry.

Don't miss the big stories. Like us on Facebook.
Tour de Summerlin returns April 22

Tour de Summerlin, one of the Las Vegas Valley’s most popular cycling events for all ages and abilities, returns to Downtown Summerlin on April 22. Presented by The Howard Hughes Corp., Summerlin and Downtown Summerlin, Tour de Summerlin is expected to draw more than 500 cyclists.

Summerlin offers age-qualified communities

For active adults and empty nesters looking to right-size their homes, the master-planned community of Summerlin offers three actively selling neighborhoods with more than 20 floor plans developed exclusively for homebuyers ages 55-plus: Heritage by Lennar, Trilogy by Shea Homes and Regency by Toll Brothers.

Summerlin offer condos, townhomes

Condos, townhomes and other urban-style options are growing in popularity in Summerlin.

Famed architect’s last known project for sale; condo lists for $1,149M

A piece of Palm Springs history is now available. Located at 500 W. Arenas Road, Unit 8, an exclusive condo designed by famed architect Herbert Burns, who is known for launching the Desert Modernism movement in Palm Springs, has hit the market for $1,149,000.

California couple finds home at Inspirada

Empty nesters with two grown sons, the Larsons stepped into the new year and their new Tri Pointe home at Arden in Henderson’s master-planned community of Inspirada in December 2022.

New Summerlin neighborhoods offer options

Summerlin rims the western edge of the Las Vegas Valley, new and interest list-forming neighborhoods continue to broaden residential options for buyers seeking the home of their dreams.

Trilogy wins national Gold Award for Cabochon Club at Sunstone

Trilogy by Shea Homes won the Gold Award for Best 55+ Amenity in the country for the Cabochon Club at Trilogy Sunstone. The award was announced at the recent National Association of Home Builders show, which was held in Las Vegas.

1700 Pavilion opens in Downtown Summerlin

Downtown Summerlin recently celebrated the opening of its newest addition — 1700 Pavilion, a 10-story, Class-A office building that gives a new meaning to workplace amenities.

Skye Canyon to host Fit Fest March 4

The ultimate day of fitness and outdoor fun returns with Skye Canyon’s annual Fit Fest on March 4.

Summerlin new homes offer array of great room options

If tomorrow’s big game has you dreaming about the perfect gathering space to watch and celebrate with friends and family, look no further than the master planned community of Summerlin, where new homes by the nation’s top homebuilders feature an array of beautifully designed great rooms.