Nevada foreclosures decline 25% in Aug.
While Nevada continued its 44-month reign as the state with highest foreclosure rate in August, the state also experienced a 25 percent decrease in foreclosure activity compared to 2009, according to real estate tracking firm RealtyTrac.
The Irvine, Calif., based tracking firm reported August was the 11th month Nevada’s foreclosure activity had decreased year-over-year.
One in every 84 Nevada homes got a foreclosure filing in August, 4.5 times the national average, according to RealtyTrac.
Elsewhere, Florida’s foreclosure rate, the second highest in the nation, decreased for the fifth straight month in August, now at one out of every 155 homes receiving a foreclosure filing.
For Arizona, which ranks third, had one out of every 165 homes.
“The trend lines of decreasing default notices and increasing bank repossessions converged in August, with virtually the same number of new default notices and bank repossessions for the month – a clear indication that the clogged foreclosure pipeline is being carefully managed on both ends by lenders and servicers,” said James J. Saccacio, chief executive officer of RealtyTrac. “On the front end, seriously delinquent loans are rolling into foreclosure at an unusually slow rate, while on the back end the dammed-up inventory of properties already in foreclosure is moving to REO in steady stream rather than a flood – presumably to prevent further erosion of home prices.”