Report: Nevada Foreclosure Sales Drop - 8 News NOW

Report: Nevada Foreclosure Sales Drop

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LAS VEGAS -- Foreclosure-related home sales in Nevada declined in April through June when compared to the first quarter of 2012 but the state still ranked second behind Georgia in the percentage of residential sales that involved foreclosed housing units, RealtyTrac reported Wednesday night.

The foreclosure tracking research company from Irvine, Calif., found that 9,657 foreclosed housing units were sold in Nevada in the second quarter of this year, down 24.6 percent from the first quarter of 2012 and 32.5 percent from the second quarter of 2011.

But 42.8 percent of the April through June residential sales in Nevada involved foreclosed housing units, right behind the 43.4 percent in Georgia. Across the country, only 22.7 percent of the sales involved foreclosed homes.

Among metro areas, Las Vegas tied for fifth highest in the nation with 45 percent of its residential sales in the second quarter of 2012 involving foreclosures.

Real estate observers agree that a Nevada law effective in October that makes it harder for banks to initiate foreclosure proceedings against homeowners who have been late with their mortgage payments is the main reason fewer foreclosed homes are available for sale.

But there has also been a decline nationwide. The 224,429 foreclosed housing units sold in the U.S. from April through June was 12 percent below the first quarter of 2012 and 22 percent down from the same period in 2011.

"The second quarter sales numbers provide solid statistical evidence of what we've been hearing anecdotally from real estate agents, buyers and investors over the past few months," RealtyTrac vice president Daren Blomquist said. "There is a limited supply of available foreclosure inventory to choose from in many markets."

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