Nevada Foreclosure Rates Still Way Down From 2011 - 8 News NOW

Nevada Foreclosure Rates Still Way Down From 2011

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LAS VEGAS -- Nevada witnessed the nation's sixth highest rate of foreclosure activity from July through September but also experienced one of the sharpest declines in foreclosure filings compared to the third quarter of 2011, RealtyTrac.com reported Wednesday evening.

The Irvine, Calif., company that tracks foreclosure trends reported that Nevada had one filing for every 158 housing units in the third quarter of 2012, down nearly 71.3 percent from the same period a year ago. Only North Dakota had a sharper decline but its foreclosure activity was so minimal the drop there was statistically insignificant.

The national average for the third quarter this year was one filing per 248 housing units. Filings include notices of default, notices of pending trustee sales and repossessions by lenders. Nevada had 7,440 filings in the quarter, including 3,395 default notices, 1,659 trustee sale notices and 2,386 repossessions.

In September alone, Nevada had one filing per 496 housing units to rank fifth nationally, but that was down 75.4 percent from the same month last year. The national average in September was one filing per 730 housing units. Nevada in September had 2,366 filings, including 937 default notices, 757 trustee sale notices and 672 repossessions.

RealtyTrac also reported that it now takes 520 days on average to complete a foreclosure in Nevada, up 42 percent from a year ago. A state law that took effect last fall makes it more difficult for lenders to initiate foreclosure proceedings.

The foreclosure filings that involved 180,427 properties nationally in September represented a 16 percent decline from the same month last year and was the lowest monthly total since July 2007. The nation's third quarter foreclosure numbers were also at their lowest levels since the fourth quarter of 2007.

"We've been waiting for the other foreclosure shoe to drop since late 2010, when questionable foreclosure practices slowed activity to a crawl in many areas, but that other shoe is instead being carefully lowered to the floor and therefore making little noise in the housing market, at least at a national level," RealtyTrac vice president Daren Blomquist said.

"Make no mistake, however. The other shoe is dropping quite loudly in certain states, primarily those where foreclosure activity was held back the most last year."

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