After a slight downtick to start the year, home foreclosures in Las Vegas jumped to 3,286 in February, double the amount from the same month a year ago, Foreclosures.com reported Wednesday.
Las Vegas showed a 25.9 percent increase from January’s 2,609 completed foreclosures. The first two months put Las Vegas on an easy track to break last year’s record 31,416 foreclosures.
Preforeclosures, or the filing process that starts with a notice of default, increased to 7,635 in February, compared with 6,050 in January and 4,051 in February 2008.
The U.S. Foreclosure Index showed a 67 percent increase in February, an indication that the foreclosure crisis is far from over, said Alexis McGee, president of the Sacramento, Calif.-based foreclosure information firm.
McGee said despite the efforts by government and many banks, the hopeful signs of the last quarter of 2008 and January didn’t follow through in February. Many homeowners are in trouble and rising unemployment continues to threaten to intensify the problem, she said.
Real estate-owned, or bank-owned, properties account for 64 percent of January’s home sales in Las Vegas, said Larry Murphy, president of Las Vegas-based SalesTraq.
Contact reporter Hubble Smith at firstname.lastname@example.org or 702-383-0491.