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Nevada maintains grip on top foreclosure rate

December 17, 2010 - Foreclosures nationwide are falling, good news for those trying to pack their moving boxes and sell their home.

At the same time, the state of Nevada continued to post the nation's quickest foreclosure rate, with one in every 99 homes receiving a filing in November, reported RealtyTrac. Nevada has held its position at the top of the foreclosure pile for 47 consecutive months. While the properties can provide deep discounts for those moving into new homes, foreclosures can send surrounding home values plummeting and make it difficult for relocating families to sell their home at a fair price.

Nationwide, foreclosure activity declined 21 percent from the previous month and 14 percent year-over-year, though experts caution that the drops had more to do with lender-imposed halts rather than seasonal slides or economic improvements.

"Fallout from the foreclosure robo-signing controversy forced lenders and servicers to hit the pause button on many foreclosures while they scrambled to revamp their internal procedures and revise or resubmit questionable paperwork," explained RealtyTrac CEO James Saccacio.

Foreclosures have troubled homeowners of all walks of life - even celebrities. Former NBA superstar and basketball hall of famer Julius Erving told TMZ that he is underwater on his mortgage and that his $2.23 million mansion in Utah is in foreclosure.
 

 

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Foreclosures News

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