RealtyTrac reported Nevada posted the nation’s highest foreclosure rate for the 52nd straight month with 1 in 97 housing units receiving a foreclosure notice in April. The 4,606 home repossessions were the highest number since RealtyTrac began tracking foreclosures in 2005 prior to the real estate collapse. April REOs outpaced March by 23% and April by 12%.
Oddly, Nevada’s 3,356 filings in April are down from 5,565 in March and 6,298 in April 2010. It appears the cause for this is a slow-down in the processing of foreclosures, likely due to far more attention being paid to the notices of default, assignments and other foreclosure documents that are now scrutinized as a result of the robo-signing scandal.
Las Vegas leads the nation’s cities with a foreclosure rate of 1 for every 82 households in April, more than 7 times the national average. Reno-Sparks was ranked 9th in the nation with 1 filing for every 183 households. Arizona and California fall into second and third places, respectively.