Las Vegas Sun

April 19, 2014

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Foreclosures down, but Nevada still ranks No. 1

Nevada kept its No. 1 national ranking for foreclosure filings for the 43rd consecutive month, but the state and Las Vegas are faring better than a year ago, according to report released late Wednesday.

California-based RealtyTrac reported that the 13,727 foreclosure filings in July were down nearly 30 percent from July 2009. That marks the tenth consecutive month that Nevada foreclosures fell year-over-year, the firm reported.

Nationally, foreclosure filings fell by nearly 10 percent between July 2010 and July 2009. Nevada had one filing for every 82 households.

As for Las Vegas, it had the highest metropolitan foreclosure rate in the country with one filing for every 71 households, more than five times the national average.

But the 11,453 filings in July were down 41 percent from July 2009.

Nevada had 6,053 notices of default filed in July, down from 7,139 filed in July 2009. The state had 3,478 homes repossessed in July, down from 4,563 in July 2009.

Las Vegas had 4,861 notices of default, down from 6,027 in July 2009. It had 2,949 homes repossessed, down from 6,771 in July 2009.

More lenders have been allowing homeowners to do short sales in lieu of foreclosure. That allows homeowners to sell homes for less than what’s owed on the mortgage.

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