Foreclosures in Nevada Still the Highest in First Half of 2007
Despite ranking 10th in actual foreclosures, Nevada recorded the highest foreclosures rate for the sixth consecutive month in the United States. Across the nation, most states experienced a dip in foreclosures activity but this can only be due to the market leveling off because of the considerable rise last May. The number of Nevada foreclosures is still expected to rise since there is still about a billion dollars worth of mortgages with adjustable rates set to re-set in the last half of the year.
The high national foreclosures rate is primarily attributed to three things: speculative buyers, unemployment and cooling housing market. The thousands of foreclosure homes in Nevada were a result of speculative buyers who made high-risk purchases and when things didn’t go as they planned, moved to the south leaving their properties to foreclosure.
On the other hand, states like Ohio and Michigan are reeling from high unemployment rates due to cutbacks in the military budget. In California, the large inventory of real estate foreclosures is a result of the market cooling down – an ordinary occurrence in real estate when market conditions turned too hot too fast. High incidence of mortgage fraud as well as large concentration of the so-called “subprime” loans also contributed to the state’s high foreclosures rate.
The number of Nevada foreclosure filings for the month of June was fortunately not among the highest in the nation. That prestige was taken by the states of Florida, Ohio and California. On the other hand, six cities in California dominated the list of metropolitan areas with highest foreclosures rate including Modesto, Riverside-San Bernardino and Stockton. These filings include default notices, foreclosure auctions and bank foreclosures. For the best deals on pre-foreclosures and bank foreclosures, check out foreclosure listings like the ones offered by Foreclosure Listings Nationwide.
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