RealtyTrac: Nevada Foreclosure Rate Tops U.S. Again - 8 News NOW

RealtyTrac: Nevada Foreclosure Rate Tops U.S. Again

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LAS VEGAS -- Nevada last month climbed back into the top spot as the state with the nation's highest foreclosure rate due to spikes in default notices and scheduled foreclosure auctions, RealtyTrac.com reported Wednesday night.

The real estate analytics company from Irvine, Calif., reported that one of every 359 Nevada housing units in August was the subject of a new foreclosure filing, more than two-and-a-half times the national average. RealtyTrac defines foreclosure filings as including notices of default, notices of pending trustee sales and repossessions by banks.

The company also reported that Las Vegas in August had the nation's third highest foreclosure rate among large metropolitan areas with one filing for every 323 housing units.

In Nevada, 1,419 residences received notices of default, 1,282 were put on notice regarding a pending trustee sale and 475 were repossessed by lenders. There were an additional 60 lis pendens filings representing alleged claims on property, bringing to 3,236 the number of housing units that received foreclosure filings, according to the company.

RealtyTrac reported that Nevada foreclosure filings shot up nearly 104 percent over July and 10.8 percent over August 2012.

The company said those increases, which caused Nevada to supplant Florida as the nation's top foreclosure state, were fueled by a 226 percent jump in default notices and 96 percent hike in

scheduled foreclosure auctions compared with July.

"The foreclosure floodwaters have receded in most parts of the country, but lenders and communities continue to clean up the damage left behind, which means the recent uptick in bank repossessions is a trend that will likely continue into next year," RealtyTrac vice president Daren Blomquist said. "Meanwhile foreclosure flash floods will continue to hit some markets over the next few months as delayed foreclosure starts are quickly pushed into the pipeline. This was the case with the jump in Nevada foreclosure starts in August."

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