Las Vegas foreclosure levels kept sliding last quarter amid a national drop in distressed real estate.
The Las Vegas Valley had the 25th highest foreclosure rate in the third quarter among the 212 U.S. metro areas with at least 200,000 people, according to a report out today from Irvine, Calif.-based RealtyTrac.
One in every 139 housing units was in foreclosure in Las Vegas in the three months ending Sept. 30, down 31 percent from the second quarter and about 71.5 percent from last year’s third quarter. Stockton, Calif., was the worst-hit in the country in the third quarter this year with 1 in 67 homes in foreclosure.
A year ago in Las Vegas, 1 in every 39 homes was in foreclosure. This gave the valley the highest foreclosure rate among the 25 hardest-hit U.S. metro areas with at least 200,000 people.
The plunging foreclosure rate has been attributed to Nevada’s year-old “robo-signing law,” which requires banks to provide more paperwork before foreclosing on homes.
Nationally, 1 in every 248 homes was in foreclosure in the third quarter this year, down 13 percent from a year ago, says RealtyTrac.