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Foreclosure Rate Down, Still High

LAS VEGAS (AP/KXNT) — Foreclosure sales accounted for 43 percent of all home sales in Nevada in the second quarter, tying Georgia for the highest percentage in the nation.

The findings released by RealtyTrac come even though Nevada is seeing a drop in overall foreclosure activity.

Nevada saw almost 9,700 foreclosed homes sell between April and June, which is down about 25 percent from the first three months of the year and down almost 33 percent from the second quarter of 2011.

The average foreclosure sale price in Nevada was just under $125,000, up about 6 percent.

RealtyTrac officials say that nationally, foreclosures are rising as a percentage of total sales, even though the raw number of foreclosure sales is down. Officials say short sales are becoming more common and catching up to bank-owned sales.

(TM and © Copyright 2012 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2012 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)



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