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Nevada foreclosures rise again | News

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Nevada foreclosures rise again
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LAS VEGAS -- After ending last year with the nation's fifth highest home foreclosure rate, Nevada shot up to second highest in January behind only Florida, real estate analytics company RealtyTrac reported Wednesday night.

Nevada had 2,380 foreclosure filings last month, including 1,009 notices of default, 673 notices of pending trustee sales and 698 repossessions by lenders. That represented one filing per 495 housing units, a 38.1 percent increase over December and an 8.4 percent jump from a year ago. The national average was one filing per 1,102 housing units.

The January notices of default in Nevada represented a 255.3 percent jump from a year ago, by far the nation's sharpest increase. Default notices nationwide actually fell 14.7 percent over the same period, RealtyTrac reported.

The 698 repossessions in Nevada -- otherwise known as REOs -- represented a 125.2 percent increase from December and a 28.6 percent hike from a year ago. There was also a 55 percent jump in repossessions nationally last month compared to December.

“The year-over-year increase in REOs in January was the first annual increase nationwide following 25 consecutive months of declines, getting the foreclosure spring cleaning we anticipated in our last foreclosure report off to a quick start in 2015,” RealtyTrac vice president Daren Blomquist said.

“Meanwhile, the number of future foreclosure auctions scheduled in January continued to increase in many states, foreshadowing more foreclosure spring cleaning to come in the next several months in those states.”

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