Las Vegas Sun

April 19, 2014

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November foreclosures show big drop from previous month

Foreclosure filings in Las Vegas and the rest of Nevada dropped significantly in November but continue to outpace the same month last year by more than 20 percent.

California-based RealtyTrac released its monthly report Wednesday that showed the state’s foreclosure filings fell 20 percent between October and November. Las Vegas’s numbers fell 19 percent in the same period.

Despite the drop, foreclosure filings rose 22 percent over November 2009 in Nevada and 21 percent in Las Vegas.

What happened in Nevada mirrored the rest of the nation, where foreclosures fell 21 percent from October to November. RealtyTrac said that’s the fewest number of foreclosure filings since February 2009.

The firm attributed the decline to a seasonal fall off and fallout from controversy over lenders not ensuring their foreclosure documents were properly vetted. That caused some lenders to revamp their procedures on their filings.

Nevada has led the nation in the rate of foreclosure filings for 47 consecutive months, dating to January 2007. The state had one filing for every 99 households, besting second place Utah, which had one filing for every 221 households.

Utah was followed by California, Arizona and Florida.

Nevada had 4,700 notices of default issued in November for late payments, 4,904 notices of a trustee sale and 1,767 homes repossessed.

California-based CoreLogic reported this week that 71.1 percent of residential properties in Las Vegas are underwater — meaning owners owe more on their mortgages than the homes are worth. Another 3.7 percent were near negative equity, the firm reported.

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  1. That "drop" was with a self-imposed moratorium by many of the large banks, so it was not a drop at all.