Nevada Tumbles to Eighth in Foreclosure Rankings - 8 News NOW

Nevada Tumbles to Eighth in Foreclosure Rankings

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LAS VEGAS -- After spending much of the past several years at or near the top among states with the highest home foreclosure rates, Nevada tumbled to eighth in November, RealtyTrac reported Wednesday night.

The real estate analytics company from Irvine, Calif., reported that one of every 859 Nevada housing units received a foreclosure filing last month, which exceeded the national average of one filing per 1,155 units.

But Nevada ranked behind Florida, Delaware, Maryland, South Carolina, Illinois, Ohio and Connecticut.

Nevada's foreclosure filings in November included 273 default notices, 691 notices of pending trustee sales and 345 repossessions by lenders. Total foreclosure filings statewide were 52.5 percent below October levels and 55 percent below November 2012 volume.

Foreclosure filings nationally dropped 15 percent from October and 37 percent from November 2012.

"While some of the decrease in November can be attributed to seasonality, the depth and breadth of the decrease provides strong evidence that we are entering the ninth inning of this foreclosure crisis with the outcome all but guaranteed," RealtyTrac vice president Daren Blomquist said. "While foreclosures will likely continue to stage a weak rally in certain markets next year as the last of the distress left over from the Great Recession is dealt with, it is highly unlikely that there will be a foreclosure comeback that poses any major threat to the solid housing recovery that has now taken hold."

 

 

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