KTVN Channel 2 - Reno Tahoe News Weather, Video - Report: Nevada Has Highest Foreclosure Rate in Nation
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A research company says more U.S. homeowners have fallen behind on mortgage payments in the last month.
Figures from RealtyTrac show that more than 243,000 homes received at least one foreclosure-related filing in April.
That's up 65% from almost 148,000 in the same month last year and up 4% since March.
In another foreclosure report released by RealtyStore.com, Nevada continues to hold the highest nationwide foreclosure rate, with defaults up 139% from last year.
With 1 out of every 52 households receiving a default notice last quarter, more than 7 times the national average, according to the RealtyStore.com report, who recorded 17,307 notices of default (NODs) statewide for 2008.
This was a 32% increase from those recorded in 2007 and a 139% jump over 2007.
An NOD is filed by the lending institution, when a homeowner falls behind on mortgage payments.
NODs provide important information about which homeowners have home loans they cannot afford.
Nevada has maintained the nation's highest foreclosure rate for nearly two straight years.
"For almost two years running, Nevada has been plagued with the highest foreclosure rate in the nation. This is a result of the dramatic increase in speculative building starting in 2004 when home prices soared 47%," said Tim Chin, CEO of RealtyStore. "Now, as the housing market corrects, investors are running for the hills as inventory mounts and prices rapidly decline."
More than 90% of the foreclosures in Nevada are occurring in Clark County.
The report also says that with inventory increasing and home sales at their lowest levels in 13 years, the Nevada housing market isn't in good shape.
(The Associated Press contributed to this report.)
