Foreclosure List in Nevada Still Tops the Nation
Last month, Nevada posted the highest growth in foreclosure list in the country. The state has been holding the top position in the country’s foreclosure rate ranking for 31 consecutive months.
In July, the number of notices of defaults, scheduled foreclosure auctions and bank foreclosures reached a total of 19,535, an increase of 4.1 percent compared with June and 94 percent higher from July of last year.
Also last month, Washoe County posted 409 foreclosure properties and 711 foreclosure filings. Industry analysts could not pinpoint the real reasons why Nevada keeps leading the country in foreclosure activity. They said that during the peak of the housing market, Nevada led the country in terms of housing starts. They added that during that time, many people bought houses with poor loans.
Market data showed that one out of 56 households in Nevada received a foreclosure filing last month, six times greater than the national average rate. Analysts noted that the number of initial notices of defaults in the state dropped by 18 percent in July compared with the previous month.
They said that the decline was due to the state law mandating lenders to provide mediation to distressed homeowners who are facing the possibility of foreclosure.
In Las Vegas, foreclosure filings were posted on 16,798 properties last month or one out of 47 households, 7.5 times greater than the national foreclosure rate average. Las Vegas also had the highest number of foreclosure homes among metropolitan areas in the country with population of 200,000.
The foreclosure activity in the city rose by about 6 percent compared with June and 89 percent from the total figures in July 2008.
For the first six months of this year, Nevada also led the country in foreclosure activity. Over 6 percent of households or one in 16 received a foreclosure filing for the period. From January to June, 68,708 properties in Nevada received a foreclosure filing, representing a 23 percent rise from the second half of 2008 and 61 percent higher from the first half of last year.
In the first three months of this year, 41,296 properties in Nevada received a foreclosure filing, a 19 percent rise from the last quarter of 2008 and a whopping 111 percent increase from the first quarter of last year.
The high unemployment rate in Nevada is being blamed as the major factor that fuels the foreclosure activity in the state.
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