RealtyTrac: Las Vegas Ranks 25th in Foreclosure Activity - 8 News NOW

RealtyTrac: Las Vegas Ranks 25th in Foreclosure Activity

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LAS VEGAS -- The Las Vegas metro area ended the third quarter of the year ranked 25th nationally in foreclosure activity, RealtyTrac reported Wednesday night.

The foreclosure analytics firm from Irvine, Calif., reported that Las Vegas received one foreclosure notice for every 139 housing units from July through September, nearly double the national rate of one notice per 248 properties.

But foreclosure activity in Las Vegas was 71.5 percent lower in the last three months than it was in the third quarter of 2011. Much of this can be attributed to a state law effective last fall that makes it more difficult for mortgage lenders to initiate foreclosure proceedings against homeowners who have been tardy with their payments.

RealtyTrac bases its calculations on notices of default, notices of scheduled trustee sales and repossessions by lenders. In the third quarter of the year, Las Vegas had 2,714 default notices, 1,400 trustee sales notices and 1,948 repossessions.

Las Vegas in July fell out of the nation's top 20 metros in foreclosure activity for the first time since the last recession began in December 2007. Las Vegas led the nation in foreclosures in 2011 before tumbling in the rankings this year.

The top seven metros for foreclosure activity are all in California. Stockton topped the list with one notice for every 67 housing units in the third quarter.

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