(Irvine, CA) — Las Vegas is no longer the top city when it comes to home foreclosures.
RealtyTrac reports less than one in 50 homes were foreclosed in Las Vegas during the first six months of 2012. Las Vegas ranks ninth in the nation overall. Experts say those numbers are somewhat artificial, driven by an October law which increased requirements before lenders could foreclose.
The new report from RealtyTrac indicates lenders are making necessary adjustments. The number of foreclosure starts increased by 65% from the first quarter of 2012 to the second quarter.
Eight California cities are in the top ten for foreclosure rates, with Stockton at the top of the list. Phoenix ranked eighth in the RealtyTrac survey.