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Thursday, Aug. 26, 2010 | 12:39 p.m.
The delinquency rate for mortgage loans in Nevada fell in the second quarter and the percentage of loans in which foreclosures were started declined as well, according to a report released today by the Mortgage Bankers Association.
The reported showed Nevada was one of three states, including California and Florida, that had the largest decreases in foreclosure starts compared to the second quarter of 2010.
Despite the improvements, Nevada ranked No. 2 in the nation in delinquencies behind Mississippi, and No. 1 in foreclosures started.
Florida was ranked No. 1 in the nation in the percentage of loans in foreclosure at 14 percent, according to the Mortgage Bankers Association. Nevada was ranked second with 10.3 percent of its loans in foreclosure.
At the end of the second quarter, Nevada had a delinquency rate of 13.2 percent, a decline from about 14 percent in the first quarter.
The percentage of loans on which foreclosures were started during the second quarter fell from about 3.2 to 2.9 percent, while the percentage of loans in the foreclosure process fell from about 10.4 to 10.3 percent.
California-based CoreLogic reported Thursday that Nevada had an 11.8 percentage-point decline in negative equity but still led the nation with 68 percent of homes underwater – those who owe more on their mortgages than the homes are worth.
Las Vegas had 72.8 percent of its residential properties with negative equity during the second quarter. An additional 3.3 percent were near negative equity, CoreLogic reported.
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Ya got to wonder if the foreclosure rate went down because the banks haven't been able to clear out the backlog of homes they've already foreclosed on and just don't have the resources to go after the next wave of repo's. You really need 6 months of decline to track any kind of trend.
"Las Vegas had 72.8 percent of its residential properties with negative equity during the second quarter." It is true. Makes me wonder what the percentages are for negative equity in the top 50 housing markets.
Have the banks release all inventory on the market. I know of several people still living in homes that they have not made payments on in over a year. This type of reporting is very bad for the public. Some readers may buy into this and think things are getting better.