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Bankruptcy Law

Las Vegas Mansion Foreclosures on the Rise

According to the Greater Las Vegas Association of Realtors and Clark County property records, at least 25 houses in the Las Vegas area changed hands for more than $3 million in the last 15 months through March of this year. At least 7 of these sold at a loss or through foreclosure. In 2009, 14 homes sold for more than $3 million with only one sold at a loss. In the first quarter of 2011, 30 Clark County homes with loans of $1 million or more were repossessed or bought in foreclosure sales. This was an increase of 33% from the first quarter of 2009.

A notable example is the home once owned by Nicolas Cage. The actor purchased the seven-bedroom home for $8.5 million in 2006, but the property was in foreclosure by January of 2010. The next owner purchased the property for $4.2 million and has placed it on the market for $7.9 million, an "unrealistic" price according to the broker handling the listing.

The growing number of high-end homes in the Las Vegas area facing foreclosure or selling at a loss may be attributed to homeowners choosing not to stay in their homes even if they can afford to. Why pay the mortgage on an $8 million loan if the home is now worth millions less?  Homeowners may feel cheated out of their money and may choose foreclosure or a short sale in lieu of staying in the property at such a high cost.

As the number of upscale homes in the area drop in price, the number of sales has increased. Residential property sales were up 8.2% in March from the previous year.

In the face of foreclosure and overwhelming debt, it is important to consider your options. A bankruptcy attorney at the Long Island law firm of Jacoby & Jacoby can offer applicable information and sound advice based upon your unique financial situation and concerns. The firm handles foreclosure defense and bankruptcy proceedings for consumers throughout Long Island.

Contact a foreclosure defense lawyer at the firm today.

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