Las Vegas Sun

May 20, 2019

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Number of foreclosures in Nevada continues to drop

Despite decline, Nevada still ranks No. 1 in nation

Even though the number of homewowners behind on their mortgage payments continues to rise, Las Vegas and the rest of Nevada had fewer foreclosures in August, a research firm reported on Wednesday.

California-based RealtyTrac said Nevada maintained the No. 1 national ranking it has held since January 2007, but the state’s foreclosure filings fell 25 percent from August 2009 — the 11th consecutive month of decreases when compared to the same month the prior year.

Nevada foreclosure filings in August fell 2.5 percent over July. More banks have been working with homeowners to approve short sales and take other steps to prevent foreclosures.

The bad news is that Nevada still had one filing for every 84 households, which is 4.5 times the national average. Florida was No. 2 on the list with one filing for every 155 households.

Arizona was third with one filing for every 165 households, and California was fourth with one filing per 194 households.

Las Vegas had the highest ranking of any metropolitan area of 200,000 or more people, with one filing for every 73 households in August. That is despite a 25 percent decline in foreclosure filings from August 2009, RealtyTrac reported.

Modesto, Calif., had the second-highest foreclosure rate — one filing for every 95 housing units. Six other California cities were in the top 10.

Nationwide, foreclosure filings in August fell 4 percent from July and 5 percent from August 2009.

In Nevada, notices of default were virtually flat from July to August, increasing from 6,050 to 6,053. The overall decline resulted from a drop in bank repossessions from 3,478 in July to 2,699 in August.

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