RealtyTrac: Nevada Default Notices Spiked in January - 8 News NOW

RealtyTrac: Nevada Default Notices Spiked in January

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LAS VEGAS -- Although Nevada's foreclosure activity remains lower than a year ago the state experienced a spike in default notices in January, RealtyTrac.com reported Wednesday night.

Nevada's 1,827 default notices represented a 19.3 percent gain from December 2012 and an 87.2 percent increase from January 2012, the Irvine, Calif., foreclosure analytics company reported.

The state's overall foreclosure activity -- a combination of default notices, notices of pending trustee sales and repossessions by banks -- declined 43 percent in January compared to a year ago. But Nevada still posted the nation's second highest foreclosure rate for the fourth month in a row, RealtyTrac reported.

Nevada last month had one foreclosure notice for every 344 housing units, trailing only Florida, which had one notice for every 300 housing units. The national average in January was one notice for every 869 housing units.

Nevada's overall decline in foreclosure filings has been tied to a state law effective in October 2011 that makes it harder for lenders to initiate foreclosures. But the spike in notices of default in January represented an 18-month high for Nevada, according to a RealtyTrac chart labeled "Boomerang Foreclosures."

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