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StumbleForeclosure rate falls, but Nevada keeps top spot in nation
Wednesday, Nov. 11, 2009 | 9 p.m.
The foreclosure rate in Nevada fell 26 percent in October, but the state remained No. 1 in the nation, according to RealtyTrac, a California firm that tracks foreclosures nationwide.
Nevada had 13,842 foreclosure filings, which was a 26 percent decline from September. Filings fell 4.4 percent from October 2008.
The firm reported one filing for every 80 households in October. Nationwide, foreclosure filings fell 3 percent from September, but were up 19 percent compared with October 2008.
In Nevada, notices of default on home payments dropped 10 percent from October 2008 and scheduled foreclosure auctions were down 6 percent. Bank repossession, however, rose 8 percent in October.
RealtyTrac spokesman Daren Bloomquist said a new state mediation program implemented July 1 may have caused the declines in Nevada because it slowed the flow into the foreclosure pipeline. Under the program, homeowners have the option of going through mediation with lenders.
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Forced Health Insurance Costs Will Damage Housing Market/Related Employment:
Obama recently extended the First Time Home Buyer Tax Credit to help sell homes and to increase employment. In contrast, Forced health insurance costs will disqualify millions of middle class home buyers qualifying for mortgages. Home buyers that do not qualify for Gov. assistance to buy health insurance, will either have to offer lower prices for homes or Opt-Out buying health insurance to eliminate that debt, to qualify for mortgages. At stake, middle class home buyers strongly support the housing market and trillions in mortgages held by U.S. banks. Banks already hold millions of defaulted mortgages: disqualifying middle class home buyers could lower home selling prices erasing benefits of the First Time Home Buyer Tax Credit. Generally declining or stagnate home prices have caused job loss in construction and manufacturing. Current falling home prices continue to lower property taxes, forcing local governments to layoff workers and ask federal agencies for money; increasing federal deficits.
These figures are meaningless. The true story has yet to unfold, see what happens in the commercial real estate market in the upcoming months. We are talking major vacancies and collapse!!