LAS VEGAS (KSNV MyNews3) -- Despite an improving housing market in 2011, Las Vegas remains the foreclosure capital on the nation.
RealtyTrac's annual report found one in every 16 homes in Nevada -- and one in every 14 homes in Clark County -- were in foreclosure in 2011. However, there was a 31 percent drop overall in foreclosure filings last year.
RealtyTrac Vice President Daren Bloomquist says that a new foreclosure law requiring more paperwork for lenders is responsible for the dropping number of foreclosures, which could be a good thing for the local housing market.
"The one thing it will probably do is give homeowners who are facing foreclosure more time to consider their options and see if they can figure out a way to avoid foreclosure,” said Bloomquist. “[They could] possibly do a short sale, which would prevent the foreclosure process from happening as well."
The report found that, nationwide, one in every 69 housing units went into foreclosure in 2011, totaling around 1.9 million homes.
Foreclosures aren't the only black spot on the valley's housing market. New home sales also fell significantly last year to the lowest number in 30 years.
Analysts say that around 3,900 new homes were sold in the valley last year, compared to about 5,300 in 2010. Analysts cite high unemployment numbers and the lower prices of foreclosed homes as the reason new sales have gone down.
