Nevada suffers setback on foreclosure rate
14 November 2012
Just when it seemed Nevada’s foreclosure rate was improving, the state’s volume of distressed real estate catapulted last month.
Nevada had the second-highest foreclosure rate in the country in October, with 1 in every 352 housing units saddled with foreclosure-related filings, according to a report published today by RealtyTrac.
That’s up 41 percent from September, when Nevada ranked fifth-worst in the country with 1 in 496 homes in foreclosure. At the same time, it was down 47 percent from October 2011, the same month that Nevada’s “robo-signing law” took effect and helped slow the pace of these public auctions.
Florida was the hardest-hit state last month with 1 in 312 homes in foreclosure. Nationally, 1 in 706 homes was in foreclosure, says RealtyTrac.
Nevada led the country in foreclosures for 62 consecutive months until March when it dropped to the No. 2 spot. It reclaimed the dubious No. 1 ranking in April but fell to No. 3 in May.
The robo-signing law, Assembly Bill 284, forces banks to provide more paperwork before they foreclose on homes. Nevada’s foreclosure rate was fifth-highest in the country in both September and August, and sixth-highest in July.
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