Nevada homeowners facing most foreclosures

04.16.09
By Lauren Keiper

Homeowners around the country unable to stop foreclosure are facing the increasingly likelihood of losing their property.

While the Obama administration worked out the details of its homeowner stabilization programs earlier in the year, a number of mortgage companies instituted a freeze on new foreclosure activity.

But with the grace period over, foreclosure rates spiked across the country in March - especially in Nevada, California and Arizona, according to a new foreclosure report from RealtyTrac.

"In the month of March we saw a record level of foreclosure activity - the number of households that received a foreclosure filing was more than 12 percent higher than the next highest month on record," said James J. Saccacio, CEO of RealtyTrac.
 
"Since much of this activity was in new foreclosure actions, it suggests that many lenders and servicers were holding off on executing foreclosures due to industry moratoria and legislative delays," added Saccacio.

RealtyTrac's U.S. Foreclosure Market Report for Q1 2009 shows that over 803,489 properties faced foreclosure filings from January through March.

Have you or a neighbor in your community received a default notice, auction sale notice or bank repossession threat?

According to the RealtyTrac data, one in every 159 housing units in the U.S. received a foreclosure filing in the first quarter. Particularly hard hit was Nevada which shows the nation's highest foreclosure rate - five times the average around the rest of the country.

Some individuals and households in a more financially stable position are eyeing the depressed housing market as an opportune time to scoop up inexpensive properties.

With a clean credit report and sufficient savings for a down payment, some are obtaining a reasonable rate home loan and taking advantage of falling home prices to buy residential real estate.

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Over 803,489 properties faced foreclosure filings from January through March.