Nevada Foreclosures Lead Nation - Again

Las Vegas, Nevada Travel and Tourism

Nevada Foreclosures Lead Nation - Again

Adding insult to injury, the United States real estate market had another particularly bad month in August. Foreclosures increased 7 percent with over 228,000 properties entering some level of the foreclosure process. In August, default notices were up 33 percent, indicating some lenders are clearing their backlog of distressed properties making room for new filings.

The data is every bit as dismal for Nevada, as if the state needs any more negative news. Once again, Nevada led the nation in default notices, scheduled auctions or bank repossessions. If you are keeping score, August was the 56th consecutive month that Nevada has the dubious distinction of leading the nation.

Across the country, lenders are starting to move on distressed loans that have been sitting dormant for many months. All indications are that lenders have worked through their backlog of bad loans and are now in the position to take foreclosure action on loans that have piled up over the past few years.

For Nevada, one out of every 118 housing units received some type of foreclosure notice in August. Wrapping up second place, of course, was California where one in every 226 properties began foreclosure. Monopolizing the data were the West and Southwestern states. Arizona followed in third place with one of every 248 homes entering the process.

If you overlook the raw numbers of foreclosure notices, the problems in Nevada are representative of what's happening in every state. Lenders in Nevada are now pushing ahead with foreclosure actions, in spite of their prior reluctance to repossess properties. Until now, some lenders held up filings in an effort to prevent a further disintegration of real estate prices.

Nevada lenders, however, seem to feel the time is now to purge the system of distressed properties. The Nevada housing market is awash with low priced homes and condominiums with even more in the pipeline. Clearly, this is not a good sign, unless you are an investor looking for a bargain. In that case, this could be the time to pounce.

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Tags: • condominiums • loans • auctions • lenders • foreclosures • low priced • housing market • bad loans • bank repossessions • distressed properties • foreclosure process • real estate prices •

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