First quarter shows mixed signals in Nevada’s continuing foreclosure woes

A view of model homes in a Ryland Homes subdivision at Buffalo and Diablo drives in the southwest valley Sunday, April 5, 2015.

Nevada’s foreclosure woes showed mixed signals in the first quarter, with a jump in default notices but fewer repossessions compared to a year ago.

One in every 209 homes statewide received a foreclosure-related filing in the three months ending March 31, the third-highest rate in the nation behind Florida and Maryland, according to a new report from RealtyTrac.

Creditors started the foreclosure process on 3,070 homes in Nevada, up 166 percent from the same time last year, and 977 homes were seized at the auction block, down 42 percent from a year ago.

Overall, Nevada’s foreclosure rate was up 8 percent from a year earlier, while nationally it fell 8 percent.

For the report, RealtyTrac counts default notices, scheduled auctions and bank repossessions.

The Irvine, Calif.-based company cautioned that Nevada’s increased tally actually “may be lower because of improvements in data collection.”

Las Vegas’ foreclosure numbers largely mirrored the state’s — no surprise given the valley has the bulk of Nevada’s population.

Creditors filed 2,239 default notices in the first quarter in Southern Nevada, up 142 percent from a year earlier, and 688 homes were repossessed, down 47 percent, according to RealtyTrac.

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