Nevada Slashed Its Foreclosure Rate In February

Nevada Slashed Its Foreclosure Rate In February

Even though Nevada has seen a slowdown in the foreclosure rate last month,  Nevada is still showing an above-average default rate.  According to Jennifer Robison of the Las Vegas Review-Journal, "The Silver State ranked No. 3 in the nation for homes in foreclosure, with one in every 633 homes somewhere in the process in February, according to a Wednesday report from California research firm RealtyTrac.   Only Florida, where one in 372 homes was in foreclosure, and Maryland, where the number was one in 557 homes, ranked higher.  Nationally, the rate is one in every 1,170 homes.

The National rate is one in every 1,170 homes.  Nevada is more than double this National rate.

RealtyTrac’s report also looked at what the company called 'zombie foreclosures,” or foreclosed homes that have been abandoned.  Nevada saw a big jump in owner-vacated foreclosures in February, with a 21 percent year-to-year gain that ranked No. 3 in the nation.

Daren Blomquist, vice president of RealtyTrac, said "zombie foreclosures are worse than owner-occupied foreclosures because vacant properties “drag down home values in the surrounding neighborhood and contribute to a climate of uncertainty and low inventory in local housing markets.”

The buyers have also pulled back since the late fall early winter with purchasing homes.  Although the late winter reports an upswing in mortgage applications.   

Is it time to Sell?  Prices seem to be leveling out.... will they hold for a while, or perhaps drift backwards....   As builders continue to build and homes foreclose at an above the National rate.... we will have to wait and see.

Only the market can tell us.

Contact me for help and professional representation when buying or selling.  

Debra Pizzolato Headshot
Phone: 702-348-8350
Dated: March 25th 2014
Views: 3,086
About Debra: ...

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