Las Vegas Foreclosures Drop, State still 5th in the Nation

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The number of Las Vegas homes that were up for foreclosure dropped to 2.4 percent last year from 3.7 percent in 2013 reported CoreLogic.

In addition, the volume of residential properties who’s mortgages were 90 days delinquent fell to 6 percent from 8.8 percent year-on-year.

While Nevada’s overall foreclosure filings dropped 38.1 percent from 2013, the state experienced a 194 percent increase in default notices in December compared to the same month a year earlier.

This meant that Nevada still ranks fifth in foreclosures.

However, Andres Carbacho-Burgos, senior economist at Moody’s Analytics was quick to explain that the surge in foreclosures last December is not a cause for concern since these were from a previously existing pool of distressed properties.

He added that Nevada “still has a substantial pool of seriously delinquent mortgages relative to the years before the housing crisis.”

Meanwhile, RealtyTrac vice president Daren Blomquist said that “The U.S. foreclosure numbers in 2014 show a foreclosure market that is close to finding a floor and stabilizing at a historically normal level.”

He furthered that “a recent surge in foreclosure starts and scheduled foreclosure auctions in several states in the last few months of 2014 indicate that lenders are gearing up for a spring cleaning of deferred distress in the first half of 2015 in some local markets.”

 

The downswing of foreclosures in Nevada reflected the national trend.

At the national level, foreclosure rate fell to 1.5 percent in October from 2.2 percent a year earlier, and the 90-day delinquency rate tumbled to 4.1 percent from 5.2 percent over the same period.

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