Daniel Indiviglio takes a look:

It's sort of staggering to think about how many foreclosures are occurring in Las Vegas. First, there's the awful one in 15 homes statistic. That accounts for an amazing 6.60% of all housing units in the metro area. And remember, this was just over a six-month period. The glimmer of hope is that this actually isn't the worst the city has seen. In fact, foreclosures are down 14.73% compared to the prior half, and 8.80% lower than the same period in 2009.

Ryan Grim and Arthur Delaney tell the story behind those statistics:

So many homes in Las Vegas have been foreclosed upon that banks rarely bother to hang a "For Sale" sign on the front lawn anymore. Instead, visitors identify bank-owned properties by the brown grass and the 8.5 x 11-inch sheet of paper taped to the front door or the garage.

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