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Rates of Foreclosures in Nevada Still Highest Despite Slack

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By : John Cutts    99 or more times read
The rates of foreclosures in Nevada in all the three time periods used by a major property research firm to present the results of its foreclosure research for the first six months this year were still the highest among all states.

In the chart for June, Nevada posted a foreclosure rate of one foreclosure filing for every 88 homes, while in the chart for the April to June quarter, Nevada posted one filing for every 30 homes. In the entire six-month period, Nevada posted a foreclosure rate of one for every 17 homes.

Although Nevada posted much fewer real estate foreclosures than any of the six other chart-topping states like California, Florida or Arizona, Nevada has been topping the foreclosure rate charts as its foreclosure filings have been overwhelming a substantial percentage of its households. Almost six percent of all homes in Nevada were hit with default, foreclosure or lender repossession notices in the six-month period ended June.

A total of 64,429 foreclosures in Nevada were posted during the six-month period, marking more than 13 percent of decrease from the total in the previous six-month period and more than 6 percent of drop from the same period last year. California and Florida posted much higher numbers of filings, but their foreclosure rates were lower than that of Nevada as these two states are much larger based on population.

In the first half, a total of 17,779 residential units in Nevada became bank owned foreclosures, making up just 3.37 percent of the 527,906 units nationwide that were taken back by lenders through home auctions for sale, but representing a big portion of households statewide.

Nevada homeowners continued to suffer the effects of record job losses in May and in June as the state posted the highest unemployment rates for a state during these two months. Despite the slowdown in the filing of new foreclosures in Nevada over the past months, the 13.8-percent jobless rate in May and the 14.2-percent rate in June prevented plenty of distressed homeowners from saving their homes.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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