Since July, foreclosure has claimed 38,277 Nevada homes, but slightly more than 10 percent of the owners have taken advantage of the state’s innovative Foreclosure Mediation Program, according to the latest statistics provided by Bill Gang, public information officer for the Nevada Supreme Court.
As of the beginning of January, 3,890 homeowners who had received a notice of default from their lender have asked to participate in the program, Gang said. Of those, 1,821 have been assigned mediators. Since Sept. 14, a total of 877 foreclosures have been mediated as part of the program, which was approved by lawmakers who gave the task of administering the program to the high court.
August saw the most notices of default filings, with 10,187 homes going into foreclosure. Most of the 38,277 notices are concentrated in Clark County, with a significant number in Washoe County, the state’s two population hubs.
The low percentage of participants could be related to the program’s eligibility requirements, which include having the owner be the primary resident of the home in foreclosure. Nevada leads the nation in foreclosure filings.