Foreclosure filings drop

By Brian Wargo (contact), In Business reporter

Fri, May 15, 2009 (midnight)

Las Vegas and the rest of the state have gotten a slight reprieve from foreclosures.

Although the state and city retained their No. 1 places in national rankings, foreclosure filings fell in April, according to statistics released this week by California-based RealtyTrac.

The 16,266 foreclosure filings in Nevada in April was 18 percent less than March. Much of the drop is attributed to a 44 percent decline in bank repossessions, which numbered 2,478.

It’s too soon to say if that is a trend in a market where foreclosures have driven down prices and prompted a buying boom. Foreclosures have declined in part because of a moratorium enacted earlier this year by Fannie Mae, Freddie Mac and other lenders.

Despite the drop in April, foreclosure filings are more than double what they were in April 2008. The one filing for every 68 households is five times the national average Nationally, filings rose slightly in April compared with March.

Notices of default remain elevated at 8,657, but down from 10,351 in March, a record.

In Las Vegas, there were 14,703 foreclosure filings, a 20 percent decline from March. One in every 56 households was foreclosed in April, seven times the national average.

Florida ranked No. 2 in filings, followed by California, Arizona and Idaho. California foreclosure filings decreased 10 percent in April with one filing for every 138 households.

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