Nevada foreclosure activity increased 13 percent in the first quarter compared to the previous quarter, helping the state post the nationâ€™s second highest foreclosure rate. One in every 115 Nevada housing units had a foreclosure filing during the quarter. First quarter foreclosure activity in Nevada was still down 18 percent from a year ago, but the quarterly increase was driven largely by a recent uptick in foreclosure starts. Nevada foreclosure starts in March increased 88 percent from a year ago to an 18-month high.
â€œWe are seeing an uptick of foreclosure starts particularly in the Reno, Sparks MSA where they are up 100 percent from a year ago due to lenders gaining confidence around their strategies related to SB 284. That strategy development around filing notices of default has taken more than a year. Fortunately, we are seeing a significant drop in the number of scheduled foreclosure auctions and REOâ€™s in Nevada as lenders seek alternative ways to resolve the backlog of foreclosures through short sales or other methods,â€ said Craig King, RealtyTrac Network member and COO of Chase International, one of the nationâ€™s premier real estate companies located in the Lake Tahoe/Reno region.READ MOREÂ http://tinyurl.com/cctuesz
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