Nowhere in America has the housing crisis hit harder than Nevada, the site of the next step in the Republican Party’s 2012 presidential nomination contest. While the issue of housing might be foremost in the minds of Nevadans, they have heard strikingly little from the GOP’s leading candidates.
Former Massachusetts Gov. Mitt Romney (R), for instance, told Nevadans that they shouldn’t try to stop the foreclosure process in October, a statement that earned a strong rebuke from Gov. Brian Sandoval (R) and other state Republicans. After seemingly changing his position on housing in Florida, another state that has been ravaged by foreclosures and falling home prices, Romney has mostly avoided the subject since coming to Nevada.
Letting “markets work,” however, isn’t likely to help the Nevadans who are struggling to deal with falling home prices, high foreclosure rates, and underwater mortgages. With that in mind, here’s a look at just how hard the housing crisis has hit the state:
60: Consecutive months that Nevada has led the nation in foreclosures.
58: Percent of Nevada homeowners that are underwater — meaning they owe more than their home is worth. The national average is 22.1 percent.
10.6: Percent drop in Nevada home prices in 2011, the second-worst rate in the nation.
167,000: Number of vacant Nevada homes. The rate of vacancies, about 1-in-7, has doubled since 2000.
1: Las Vegas’ rank among the worst cities for foreclosures. One of every 150 Las Vegas homes is in foreclosure, the highest rate in the nation. Two-thirds of the city’s homeowners are underwater.
9.1: Percent drop in Las Vegas home values since November 2010, the second-worst performance of the 20 cities surveyed by Case Shiller and Standard & Poor’s.
70: Percent of homes in foreclosure in one Summerlin, Nevada ZIP code, according to local real estate agents.
89031: The North Las Vegas ZIP code that is the worst in the nation for foreclosures. The five worst ZIP codes for foreclosures are all in Las Vegas.