Nevada bank repossessions jumped 23 percent in April to an all-time high, but the pipeline that leads to foreclosures has slowed down dramatically, according to a report from a California research firm.
RealtyTrac reported Nevada posted the nation’s highest foreclosure rate for the 52nd straight month with one in 97 housing units receiving a foreclosure notice in April.
But the state’s numbers were a mixed bag, even though overall foreclosure-related filings decreased 9 percent from March and 27 percent from April 2010.
The 4,606 home repossessions were the highest number since RealtyTrac began tracking foreclosures in 2005 prior to the housing market collapse. That’s up 23 percent from March and 12 percent from April 2010.
What drove the overall filings down is fewer default notices. Statewide, the 3,356 in April is down from 5,565 in March and 6,298 in April 2010.
In the Las Vegas Valley, notices of default fell to 2,701 in April, down from 4,600 in March and 5,233 in April 2010. That’s a decline of 48 percent in a year.
That tracked with happened in the nation as a whole with default notices down 14 percent from March and 39 percent from April 2010. RealtyTrac Chief Executive Officer James Saccacio attributes it to delays in processing foreclosures.
But one report from CoreLogic shows the 90-day delinquency rate for Las Vegas has steadily decreased.
After Nevada, Arizona was second in its rate of foreclosure filings while California was third.
Las Vegas continued to lead the nation’s cities with a foreclosure rate of one for every 82 households in April, more than seven times the national average.
Reno-Sparks was ranked No. 9 in the nation with one filing for every 183 households.