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November 22, 2009

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Nevada among 8 states with high foreclosure rate

By Tim Richardson (contact)

Friday, Sept. 5, 2008 | 12:39 p.m.

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Beyond the Sun

Home foreclosures and delinquencies were above the national average in the second quarter in eight states, including Nevada, the Mortgage Bankers Association said today.

The association's report indicated more than 4 million homeowners nationwide with a mortgage -- a record 9 percent -- were behind on their payments or in foreclosure at the end of June. The source of trouble in the mortgage market has shifted from subprime loans made to borrowers with poor credit to homeowners who had solid credit but took out exotic loans with ballooning monthly payments.

Almost 500,000 homeowners nationwide, or about 1 percent, entered the foreclosure process in the second quarter.

RealtyTrac Inc. reported last month that one in every 106 households in Nevada received a foreclosure filing in July. More than 10,000 Nevada homes fell into foreclosure in July.

The Mortgage Bankers Association said eight states had foreclosure rates that were above the national average: Nevada, Florida, California, Arizona, Michigan, Rhode Island, Indiana and Ohio. The remaining 42 states were below the national average, and some states -- including Texas, Massachusetts and Maryland -- saw declines in the number of foreclosures in the second quarter of the year.

The delinquency rate is the highest ever recorded in the association's survey. The increase in the overall delinquency rate was driven by increases in the number of loans 90 or more days past due. The 30-day delinquency rate is below 2002 levels.

The Associated Press contributed to this report.

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