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Nevada Foreclosures Increase In May

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(photo: Ethan Miller/Getty Images)

(photo: Ethan Miller/Getty Images)

tate south Tate South
Email Tate at tate.south@cbsradio.com
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(Las Vegas, NV) — Nevada foreclosures increased in May after 27 consecutive months of annual decreases.

The number of properties that received a foreclosure filing in the Silver State was 18 percent higher  than the previous month and 1 percent higher than the same time last year.

Nevada’s foreclosure rate still slipped to second highest among the states after ranking No. 1 in April. One in every 305 housing units had a foreclosure filing during the month.

The increase in overall activity was driven primarily by an 81 percent year-over-year increase in foreclosure starts, which reached a 20-month high in May.

Meanwhile scheduled foreclosure auctions in Nevada increased 21 percent from the previous month but were still down 14 percent from a year ago, and bank repossessions increased 4 percent from the previous month but were still down 64 percent from a year ago.

Nationwide, foreclosures were down 28 percent.

The complete report is available here.

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