Real Estate Pro Articles

Listings of HUD Foreclosures and Other Foreclosure Types Down in NV

[Valid RSS feed]  Category Rss Feed -
By : John Cutts    99 or more times read
The number of homes under bank foreclosure listings and listings of HUD foreclosures declined in Nevada for the month of August 2010. However, the number of borrowers who are behind in their mortgage loan payments is still rising and the state is still ranked top among states in the U.S. in terms of foreclosure activity.

Foreclosure listings in Las Vegas and in other metro areas of the state have shown some improvements, with statewide foreclosure filings dropping by 25% for August 2010 when compared with the same month of 2009. This marks the 11th successive month that the state has recorded a decrease in filings compared with previous year's totals.

When compared with July 2010, foreclosure listings in Nevada showed a decline of 2.5%. According to analysts, the decline can be partly attributed to the rising number of lenders working with borrowers to come up with solutions to prevent foreclosures, including short sales. Nevada has been number one among the 50 U.S. states in terms of foreclosure since January 2007.

Despite the decline in the number of homes under bank foreclosure listings and listings of HUD foreclosures, the state is still facing huge housing problems. Latest industry data showed that one household out of every 84 has received a filing in August. This ratio is 4.5 times higher than the nationwide average and is considerably higher than second placed Florida, which has a ratio of one household out of every 155.

In terms of metro areas with at least 200,000 residents, Las Vegas remains the number one city in all of the U.S. for foreclosure filings and property numbers under real estate foreclosure listings. The city has a foreclosure ratio of one out of 73 for the month of August. The metro's total filings for the month posted a decline of 25% when compared with August 2009.

Meanwhile, default notices for the whole state remained flat between July and August 2010, with only three notices marking the difference between the two months. When it comes to foreclosure filings and the number of properties under listings of HUD foreclosures and bank listings, the decline is attributed by analysts to fewer bank repossessions for August compared with July.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

Related Articles

Print This Article
Add To Favorites




© All rights reserved to Real Estate Pro Articles