Nevada Maintains Second Highest Foreclosure Rate

LAS VEGAS -- An uptick in foreclosure activity in the first three months of the year compared to the prior quarter kept Nevada's foreclosure rate second in the nation behind Florida, RealtyTrac.com reported Wednesday night.

The real estate analytics company from Irvine, Calif., reported that one of every 115 Nevada housing units had a foreclosure filing between January and March, just behind the one in every 104 units posted in Florida. Nevada's rate was nearly triple the national average of one filing for every 296 housing units.

The situation was more severe in the Las Vegas metropolitan area, where there was one filing for every 99 housing units, the fourth highest rate among large metros nationally.

Foreclosure activity includes notices of default, notices of pending trustee sales and repossessions by lenders.

"Although the overall national foreclosure trend continues to head lower, late-blooming foreclosures are bolting higher in some local markets where aggressive foreclosure prevention efforts in previous years are wearing off," RealtyTrac vice president Daren Blomquist said.

Nevada's foreclosure activity in the first quarter of 2013, which involved 10,112 filings statewide, represented an 18 percent drop from the same quarter last year but a 13 percent gain from the last quarter of 2012. RealtyTrac reported that the increase over the prior quarter was driven by an 88 percent increase in default notices in March compared to the same month in 2012.

The 2,188 default notices filed in Nevada in March represented an 18-month high for the state.

 


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