Las Vegas’ foreclosure rate rises to No. 2 in the nation, report says

A foreclosed home is seen Thursday, April 28, 2011.

Las Vegas’ foreclosure activity ramped up last month, making the valley one of the hardest-hit areas in the country, a new report shows.

One in every 480 homes in Southern Nevada received a foreclosure-related filing in September, up 17.7 percent from August and 56.3 percent from a year ago, according to RealtyTrac.

Las Vegas had the second-highest foreclosure rate in the nation last month — after tying for eighth-highest in August — behind only Atlantic City, N.J., where one in every 293 homes had a foreclosure filing in September.

Nationally, one in every 1,210 homes received a filing last month.

RealtyTrac, which released its report Wednesday, counts default notices, scheduled auctions and bank repossessions.

Driving the rate in Las Vegas: Creditors filed notices of default against 620 homes in September, scheduled foreclosure auctions for 388 homes and repossessed 748 homes, according to RealtyTrac.

Among states, Nevada had the second-highest foreclosure rate last month, with one in every 555 homes receiving a filing. New Jersey was No. 1.

Nevada had posted the highest rate in the nation in August, its first time back in the dubious top spot in almost a year.

Tags: News, Business
Real Estate