Nevada's Foreclosure Rate Second Highest in 2013 - 8 News NOW

Nevada's Foreclosure Rate Second Highest in 2013

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LAS VEGAS -- Nevada posted the nation's second highest home foreclosure rate in 2013 behind only Florida, RealtyTrac reported Wednesday night.

Last year resulted in 25,058 properties with foreclosure filings in Nevada, or one for every 46 housing units, more than double the national rate of one filing per 96 homes. Florida led the way with one filing per 33 housing units.

Among large metropolitan areas, Las Vegas had the ninth highest foreclosure rate last year.

For December alone, Nevada had the nation's fourth highest foreclosure rate behind only Florida, Maryland and Illinois. Still, Nevada's foreclosure rate in 2013 was 20.85 percent below 2012 and 65.6 percent less than in 2011.

The real estate analytics company from Irvine, Calif., includes in its calculations default notices, notices of pending trustee sales and repossessions by lenders.

RealtyTrac reported that 17,628 Nevada housing units entered the foreclosure process in 2013, up 21 percent from 2012 but down 56 percent from 2011. There were also 6,444 housing units repossessed by lenders in Nevada last year, but that was down 55 percent from 2012 and 82 percent from 2011.

"Millions of homeowners are still living in the shadow of the massive foreclosure crisis that the country experienced over the past eight years since the housing price bubble burst — both in the form of homes lost to directly to foreclosure as well as home equity lost as a result of a flood of discounted distressed sales," RealtyTrac vice president Daren Blomquist said.

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