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Bumped from the top spot: Florida trumps Nevada in foreclosures

ASSOCIATED PRESS

An auction sign for a foreclosed home in Las Vegas bends in the wind, Nov. 17, 2010.

After a few months on top, Nevada no longer has the nation’s highest foreclosure rate.

It has the second highest.

One in every 305 homes statewide had a foreclosure-related filing last month, up 1.4 percent from a year earlier, according to a new report from Irvine, Calif., research firm RealtyTrac.

Nevada’s foreclosure rate was the highest in the country in March and April, with Florida coming in second both months. The states switched places last month – but just barely.

One in every 302 homes in Florida carried a foreclosure filing in May, up 12 percent from a year earlier, according to RealtyTrac.

Nationally, one in every 885 homes had a foreclosure filing last month, down 28 percent from May 2012.

Filings include notices of default, scheduled auctions and bank repossessions.

Default notices, which start the foreclosure process, continue to rise in Nevada. The state had 2,244 foreclosure starts last month, up 81 percent from a year ago.

The number of homes that complete the foreclosure process and get repossessed, however, continues to dwindle.

A total of 419 homes were seized through foreclosure last month, down 64 percent from a year earlier.

Nevada’s foreclosure rate led the country for more than five years until March 2012. The state has dropped in and out of the top spot since then.

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