Nevada Foreclosures Continue Sharp Decline From Year Ago - 8 News NOW

Nevada Foreclosures Continue Sharp Decline From Year Ago

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LAS VEGAS -- Nevada had the nation's third highest housing foreclosure rate in the first quarter of 2014 but its foreclosure filings dropped 48.3 percent from the same period last year, RealtyTrac reported Wednesday night.

The real estate analytics company from Irvine, Calif., reported that from January through March Nevada had one foreclosure filing for every 224 housing units. That was topped only by Florida (one filing per 129 housing units) and Maryland (one per 189), with the national average at one filing per 385 housing units.

Nevada's filings included 1,028 default notices, 2,446 notices of pending trustee sales and 1,678 repossessions by lenders.

For March alone, Nevada had the nation's sixth highest foreclosure rate with one filing per 701 housing units, down 55.9 percent from March 2013. The national rate last month was one filing per 1,121 units.

"Now that the foreclosure deluge has dried up, banks are turning their attention back to properties that have been sitting in foreclosure limbo for some time," RealtyTrac vice president Daren Blomquist said.

"Banks will also now be able to devote more resources to dealing with the lingering inventory of nearly half a million already-foreclosed homes that still need to be sold. Our estimates indicate only 10 percent of these bank-owned properties are listed for sale and more than half are still occupied by the former homeowner or tenant."

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