Senator Barack Obama visited Las Vegas today to discuss the hot topic in Las Vegas, Housing! According to Obama’s campaign figures, Nevada’s foreclosure rate is three-and-a-half times the national average, and one in 44 households in Las Vegas is facing foreclosure. I would say that is pretty accurate!
Obama currently supports a measure co-sponsored by Senator Chris Dodd and Representative Barney Frank that would permit some homeowners to negotiate with lenders to convert existing adjustable rate mortgages to new fixed rate mortgages in order to avoid foreclosure. He is also in favor of changing the bankruptcy laws that favor the wealthy.
While in Las Vegas, Obama visited a family in North Las Vegas that is currently facing foreclosure. After meeting with the family he gave a speech stating “if the government can bail out investment banks on Wall Street, then we can bail out Americans who are losing their homes!” I am not sure how much the Government can actually do, but it would be great to see some type of attempt to ease the strain of foreclosure in Las Vegas. If we don’t do something, the Las Vegas Housing Market will continue to be flooded with bank owned homes!