Fresno California, one of many cities struggling in growing housing crisis
Las Vegas, Nevada has nearly 34,000 delinquent home loans overdue three months or longer, 10% of its homeowners are facing lender action. With an additional 9% of Las Vegas homes in foreclosure, Las Vegas is projected not to recover its boomtown housing values, primarily due to over-building and unqualified buyers granted mortgage loans or refinancing on hyper-inflated housing values. Many cities face severe housing market depressions in the Sunbelt states of Florida, California and Arizona while cities such as Memphis Tennessee and Detroit Michigan face-off against bleak futures due to high unemployment.
The Sedona Ear comments: Tidbits overheard at a Sedona gathering Wednesday: Several pundits are watching the stock market this week, some offering advice to get out of stocks and bonds by Friday, others suggesting that gold prices will fall before the end of the month. Earnings reports due soon. Hold on to your purse! It might be an even bumpier ride, Toto!
