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StumbleNevada leads nation as foreclosures set record in March
Wednesday, April 15, 2009 | 10:33 p.m.
Sun Topics
Nevada set a record in March with 10,351 homes defaulting on their mortgage payments as the state continued to lead the nation in foreclosure filings.
California-based RealtyTrac reported Nevada had 19,849 foreclosure filings in March, a 26 percent increase from February. That’s 159 percent higher than March 2008.
The previous record for default notices was set in February with 8,406. The increase paves the way for more bank repossessions and foreclosure sales that depress prices in the market.
Foreclosure filings rose 19 percent between the first quarter and fourth quarter of 2008. Default notices increased 27 percent but bank repossessions fell 3 percent because of a moratorium by lenders and Fannie Mae and Freddie Mac.
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