Nevada led the nation with the most foreclosures last month, seeing one in every\u00a02,326 residential properties face a default.<\/p>\n
The Sunshine State followed closely with one in every 2,420 homes subject to a foreclosure notice,\u00a0according to the latest findings from data analytics firm, ATTOM.<\/p>\n
Both Nevada and Florida are hotspots for tourism, an industry that has been hard hit<\/a>\u00a0as uncertain consumers look to reign in their budgets.\u00a0<\/p>\n Targeted boycott campaigns from Canada<\/a>\u00a0as a result of President Trump’s tariff policies have also hurt local economies across the US.<\/p>\n ‘Florida and Nevada both have local economies that are heavily reliant on the tourism industry,’\u00a0Realtor.com senior economist Joel Berner explained.\u00a0<\/p>\n The housing market in Las Vegas is suffering with prices dropping and a surge in inventory\u00a0<\/p>\n ‘Tourism tends to be volatile, and when economic growth slows as it has this year, that industry is often the first and most painfully impacted.\u00a0<\/p>\n ‘Some homeowners in these states may be losing their jobs and becoming unable to make their mortgage payments.’<\/p>\n Tourism in Las Vegas is particularly tied to the gambling industry which has seen a tumble in visitors in recent months.<\/a><\/p>\n The housing market in the Nevada city is also seeing a surge of single-family listings hitting the market<\/a>, with new homes pouring in daily as supply massively outweighs demand.<\/p>\n According to the June Monthly Housing Report from Realtor.com, new listings across the US rose 6.2 percent compared to the same month last year.<\/p>\n But nowhere is the trend more dramatic than in Sin City, where housing inventory has skyrocketed a staggering 77.6 percent year-over-year \u2014 the highest in the nation.<\/p>\n ‘As inventory grows without additional demand for homes, home values fall and homeowners’ mortgages become “underwater,” meaning that they owe more on their home than it is worth,’ Berner explained.<\/p>\n ‘These homeowners are often struggling to make their mortgage payment, and now that even selling the home can’t get them out of debt, many end up defaulting instead.’\u00a0<\/p>\n Realtor.com economist Joel Berner said the uptick in foreclosures can be linked to tourism\u00a0<\/p>\n Foreclosure filings across the US rose 13 percent in July compared to the same time last year<\/p>\n One in every 2,420 homes in Florida was subject to a foreclosure notice last month, according to ATTOM<\/p>\n Florida has been hit hard by the drop in Canadian visitors as many people, known as snowbirds, once headed to the state for a reprieve from the harsh winters of the Great White North.<\/p>\n However, disillusionment with their southern neighbors has even led some\u00a0Canadians to sell their dream US vacation homes.<\/a>\u00a0<\/p>\n Home prices are falling across Florida<\/a>\u00a0as condo owners look to offload their properties as HOA and insurance costs skyrocket.<\/p>\n The average condo sale price in the US fell\u00a02.2 percent year over year to $354,100 in May, according to data from Redfin\u00a0\u2014 the second largest drop in records dating back to 2012<\/a>.\u00a0<\/p>\n It comes as one of New York City’s ritziest neighborhoods has also been hit by a shock surge in foreclosures<\/a> in recent months.\u00a0\u00a0<\/p>\n A slew of wealthy residents along Manhattan’s historic Park Avenue had their apartments foreclosed on earlier this year. Foreclosure rates are also soaring across\u00a0New York City<\/a>\u00a0overall.<\/p>\n Figures last month revealed a double-digit spike in mortgage defaults across the city in spring.<\/p>\n The swanky stretch of Park Avenue, that is lined with manicured gardens, logged a cluster of foreclosures, despite the sky-high property prices.<\/p>\n![\"The](\"https:\/\/www.newsbeep.com\/us\/wp-content\/uploads\/2025\/08\/101444909-15022849-image-a-1_1755810559242.jpg\")
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