According to a report by the Irvine-based real estate analytics company, RealtyTrac, in August one out of every 359 Nevada housing units was the subject of a new foreclosure filing. This number reflects more than two-and-a-half times the national average.
RealtyTrac defines foreclosure filings as:
“Including notices of default, notices of pending trustee sales and repossessions by banks.”
Additionally, RealityTrac stated that last month with one filing for every 323 housing units, Las Vegas was ranked third for the nation’s highest foreclosure rate among large metropolitan areas. Nevada’s foreclosure filings have increased over 100 percent compared to the previous month and nearly 11 percent percent over August 2012, due to the 226 percent increase in default notices and a 96 percent jump in scheduled foreclosure auctions compared with July.
RealtyTrac Vice President Daren Blomquist attempts to explain the recent jump in Nevada foreclosures saying:
“The foreclosure floodwaters have receded in most parts of the country, but lenders and communities continue to clean up the damage left behind, which means the recent uptick in bank repossessions is a trend that will likely continue into next year,” he said. “Meanwhile foreclosure flash floods will continue to hit some markets over the next few months as delayed foreclosure starts are quickly pushed into the pipeline.
Another explanation for Nevada’s increase in foreclosures is due to the possibility that bankers have identified how to operate under the new Assembly Bill 300 law that is supposed to make it easier for banks to seize homes from delinquent borrowers.
Under AB300, a bank’s affidavit no longer has to be based on personal knowledge of a home’s mortgage-document history before they foreclose. Instead, the bank’s affidavit can be founded on an assessment of internal lending records and either title paperwork or filings with the local county recorder.
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