MBA: Foreclosures, Delinquencies Highest in Nevada

Nevada's foreclosure rate in the first quarter was 3.23 percent, according to the Mortgage Bankers Association.

A recent report from the Mortgage Bankers Association shows that Nevada saw the highest number of consumers who could not avoid foreclosure in the first quarter.

The MBA said the state ranked first in both mortgage delinquencies and homes that have started the foreclosure process. Nevada saw 14.03 percent of homes facing delinquencies on payments, while the foreclosure rate came in at 3.23 percent.

Nationally, the number of homes that saw the start of foreclosure proceedings increased 3 basis points to 1.23 percent when compared to the fourth quarter of last year. However, that is down 0.14 percentage points from the first quarter of 2009.

The number of mortgages that were at least 90 days late on payment also declined, falling 13 basis points to 9.54 percent, the MBA said. However, the total number of homes in the foreclosure process hit a record high of 4.63 percent.

A recent report from RealtyTrac noted that Nevada saw the highest foreclosure rate during the first quarter. This was the 14th quarter in a row the state lead the country.

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