Nevada has been number two in the nation for most foreclosures
in the past five months. Realty Trac says the state had very
few foreclosures while a law was in effect limiting banks'
abilities to start foreclosure proceedings. The law has now
Daren Blomquist with Realty Trac says a similar law -the
Homeowners' Protection Act- went into effect this year in
California, "Unfortunately, I fear we may see that repeated in many
of these California cities like Stockton and Sacramento where the
legislation slows things down in the short term but in the long
term is just kicking the can down the road and delaying
foreclosures that will eventually happen."
Nevada foreclosure starts increased by more than 300 percent
compared to a year ago. The Sacramento foreclosure rate has
dropped to 46th
. Stockton is 18th
Florida has the nation's highest rate.
For county-by-county statistics in California click here.
For county-by-county statistics in Nevada click here