LAS VEGAS -- Nevada in May witnessed an increase in foreclosure activity on a year-over-year basis after 27 consecutive months of annual decreases, driven mostly by a sharp hike in new notices of default, RealtyTrac.com reported Wednesday night.
The real estate analytics company from Irvine, Calif., defines foreclosure activity as a combination of notices of default, notices of pending trustee sales and repossessions by banks.
RealtyTrac reported that when these three categories are combined, Nevada saw a 1.4 percent increase in foreclosure activity in May versus the same month in 2012.
The 2,108 notices of default filed in Nevada in May represented an 81 percent increase over May 2012 and was a 20-month high for the state. But the 1,146 notices of pending trustee sales was down 14 percent from a year ago, and the 419 repossessions amounted to a 64 percent decline from May 2012.
With one of every 305 housing units having received a foreclosure filing in May, Nevada ranked second highest in that category behind Florida, where one of every 302 housing units received notices. One of every 885 housing units nationally received foreclosure notices in May, meaning that Nevada remains close to triple the U.S. average.
Among large metropolitan areas, Las Vegas ranked fourth highest with one foreclosure filing for every 296 housing units.
"Foreclosure activity continued to bounce back in some markets where it may have appeared the foreclosure problem had been knocked out by an aggressive combination of foreclosure prevention efforts over the past two years," RealtyTrac vice president Daren Blomquist said. "Places like Nevada, where foreclosure starts increased to a 20-month high, and Maryland, where overall foreclosure activity increased to a 33-month high. Still, the emerging housing recovery has strengthened most local markets enough to quickly shake off a few more blows from these nagging foreclosures."
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