Nevada Governor Jim Gibbons is concerned about the state's national number one ranking in foreclosures. The governor wants to investigate the problem and possible solutions.
"We owe it to our businesses, employees and working families to ensure thier wealth is protected to the greatest extent possible," said Gibbons.
More than 5,000 Nevada households went into foreclosure in June, a 215% increase from a year ago.
The huge number of forclosures aren't just affecting the working families. There are many job layoffs related to the disappointing real estate field. Real estate brokerages, mortgage companies, escrow companies are cutting back on their staffs. Unemployment is up 34% in July over last year.
Some points of optimism are that the Federal Reserve cut its discount rate by .5% this week. This will have a small positive effect on the mortgage rate.
The state general economy is doing well and the governor is optimistic about the state's long term economic prospects. The state has been one of the leaders in population growth and job opportunities for the past 20 years.
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