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Nevada rank: 6 90+ Day 7.01% 6.58% 6.56% 90+ Day 5.80% year ago 4.95% percent point change 17.15% -11.64% Top Core-Based Statistical Area LAS VEGAS-PARADISE, NV 90+ Day 8.00% year ago 7.54% percent point change 6.12% -27.33% note: The 90+ Day delinquecy rate is the percentage of outstanding mortgage loans that are 90- plus days delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the June 2012 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary June 2012 figures released by the Bureau of Labor Statistics. All other data courtesy of Lender Processing Services. 8.52% Delinquency Rate june 2012 6.19% Foreclosure Rate 8.03% Delinquency Rate Foreclosure Rate june 2012 5.67% year ago 7.68% percent point change -26.11% Top County NYE COUNTY Delinquency Rate june 2012 7.10% Foreclosure Rate Unemployment Rate 11.6% 13.8% -15.9% Study Captures Changing Attitudes Toward Strategic Default in Nevada properties received a foreclosure notice in 2011 and more than 60 percent of mortgage bor- rowers are currently underwater, according to the 2012 Face of Foreclosure study released by the Nevada Association of Realtors (NVAR). With negative equity and foreclosures so In the hard-hit state of Nevada, one in 16 commonplace in the state, the stigma of stra- tegic default appears to be fading. "This year's report shows it's more socially acceptable to strategically default on your mortgage," said Blane Johnson, NVAR president. Oftentimes, borrowers who strategically default—meaning they opt to stop making their mortgage payments even though they can afford to—decide it's not worth sinking their money into an investment they owe more on than it is worth. When surveyed on the issue of strategic experienced, or narrowly avoided home foreclosure in Nevada since May of 2010. Las Vegas Home Prices Rise in June as Supply Tightens an increase in June, the Greater Las Vegas Association of Realtors (GLVAR) is wondering if the boost is simply a temporary effect of tight supply. The organization released statistics indicating existing home prices in June increased for the fifth straight month as the supply of local homes for sale contracted further. "We haven't seen local home prices go up While home prices in Las Vegas saw IN THE NEWS RIO Genesis Reaches Milestone RIO Genesis platform reached an important milestone in July when it successfully man- aged and closed its 15,000th property. "So many people in the industry told us RIO Software Solutions announced its we could not build a customizable transaction management system with both open report- ing and intuitive workflow and still keep it stable," said Charis Wayman, RIO Software president. "This was a real vindication and proof that it could be done." According to a company release, RIO Genesis shows how a software platform can adapt to the client's business model, as opposed to existing real estate platforms with pre-defined and unalterable business models that force users to operate around the software. Henderson, Nevada-based RIO Software default, 51 percent of those who were fore- closed on said there is nothing wrong with walking away, while 36 percent said borrow- ers have a legal and ethical obligation to make their payments if they can. Among all Nevada residents, opinions were split. Forty-five percent said strategic default is acceptable while 45 percent said homeowners should not strategically default. Also, 27 percent of those who experienced for this long since 2004," said Kolleen Kelley, GLVAR president. "Banks are putting far fewer homes on the market than they did in past years. This is leading to a very tight housing supply that is pushing up prices—at least for now." Kelley add, "Only time will tell if these recent price increases prove to be somewhat ar- tificial. I think it depends largely on how banks handle the mortgage defaults in their portfolios." The number of homes sold also fell with foreclosure said they strategically defaulted compared to 23 percent in the 2011 report. For the individuals who lost their home to foreclosure, 40 percent said they were advised by their lender or financial advisor to stop making payments to qualify for assistance. Fifty-three percent of those who experi- the decline in for-sale inventory. According to GLVAR, 3,945 homes, condominiums, and townhomes sold in the area in June. That's a decrease from 4,134 in May and a year-over- year slide from 4,540. Compared to May's numbers, single-fam- ily home sales in June decreased 5.8 percent, while condo and townhome sales increased 1.4 percent. Year-over-year, both categories were down 11.4 percent and 19.8 percent, respectively. Although home sales dropped in June, enced foreclosure in the past 12 months cited job loss as the main reason, but many also faced additional hardships, such as adding an- other member to their household (20 percent), unexpected medical bills (41 percent), and the death of a primary wage earner (6 percent). Among those who have been foreclosed Kelley said existing-home sales are still ahead of the record pace set last year, when GLVAR reported sales of 48,186 previously owned homes in Southern Nevada. The local trade group reported the median on, 30 percent said the government should stay out of the way and not offer assistance, while 58 percent said the government should step in and help. Only 9 percent of those surveyed said they has brought on industry veteran Bryan Pierce to help manage operations and is planning additional hires in response to recent growth. 128 believe government foreclosure programs are helping, while 58 percent said government programs are not really having an impact. The survey included 500 individuals who are currently undergoing, recently price of single-family homes sold in June was $131,785, an increase of 3 percent from $128,000 in May and a year-over-year increase of 5.9 percent. The median price of local con- dos and townhomes sold in June was $69,000, up 11.3 percent from May and up 15.2 percent from June 2011. It's the first time the Las Vegas metro has seen five straight months of price gains since July 2004. According to GLVAR's statistics, the total number of homes for sale on its multiple list- ing service decreased both monthly and an- nually. There were 16,930 single-family homes

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