Nevada forclosures again top U.S.

Business Las Vegas - July 20

Nevada may hold its worst-in-the-nation position as the foreclosure capital of the nation.

In June, Nevada had one foreclosure filing for every 175 households to lead the nation for the sixth-consecutive month, according to RealtyTrac. That's a 280 percent increase over June 2006 and well ahead of second-place California.

As foreclosures increase, help may be on the way for homeowners to ease their burden. The Nevada Mortgage Lending Division, and U.S. Housing and Urban Development and other groups are working on setting up a local hotline for homeowners to get advice and avert foreclosure. The group will meet in August to discuss setting up the hotline.

Banks are willing to renegotiate loans and more and more sellers are turning to short sales in which the home is sold for less money that the homeowner owes on the loan.

 
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