Las Vegas Sun

December 15, 2017

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Foreclosure rate falls, but Nevada keeps top spot in nation

The foreclosure rate in Nevada fell 26 percent in October, but the state remained No. 1 in the nation, according to RealtyTrac, a California firm that tracks foreclosures nationwide.

Nevada had 13,842 foreclosure filings, which was a 26 percent decline from September. Filings fell 4.4 percent from October 2008.

The firm reported one filing for every 80 households in October. Nationwide, foreclosure filings fell 3 percent from September, but were up 19 percent compared with October 2008.

In Nevada, notices of default on home payments dropped 10 percent from October 2008 and scheduled foreclosure auctions were down 6 percent. Bank repossession, however, rose 8 percent in October.

RealtyTrac spokesman Daren Bloomquist said a new state mediation program implemented July 1 may have caused the declines in Nevada because it slowed the flow into the foreclosure pipeline. Under the program, homeowners have the option of going through mediation with lenders.

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