Archive for November 14th, 2012

Foreclosure Level in Las Vegas Steadily Drops

Wednesday, November 14th, 2012

Las Vegas foreclosures rates continue to dive even in the third quarter. It’s listed as having the 25th highest foreclosure rate among the 212 metro areas in the U.S. This is based on the report made by the California based Realty Trac. During the previous year it was recorded that 1 in every 39 homes was foreclosed in Sin City. It was the highest foreclosure rate among the U.S. metro rate areas with around 200,000 people.

In the past three months, one in every 139 home units was foreclosed in the area. This was based on the records ending on the 30th of September. It was down by 31% on the second quarter but with a higher rate based on last year’s third quarter.

The current sliding level of the foreclosing rate is due to Nevada’s new law, the “robo-signing law.” The law has brought foreclosure rate to its present state. Banks are now allowing people to stay in their homes free of charge. The “robo-signing-law” is the result of the “robo-signing-scandal” which yielded illegal signatures to foreclose properties. The law is requiring agents who signed the said documents to get personal knowledge of the lender’s authority to foreclose. Some sees this law as just an artificial delay in the system and not a real solution to the root of the problem. But the law has kept a lot of homeowners off the streets as they remain in their homes while the documents of foreclosures are carefully processed and scrutinized.

Looking at the national rate of foreclosure rate, it is one in every 248 homes during the third quarter. Stockton California had it worst. During the third quarter of this year, the ratio in that state is one in 67 homes. It was lower by 13% based from last year.