Posted by Kari on January 13, 2012 21:44
The number of foreclosure starts on the West Coast saw a notable decline during December, ForeclosureRadar reports.
According to the foreclosure analysis firm, many of the states monitored saw their foreclosure rates fall by double-digits.
The foreclosure rates in Arizona, California and Nevada, which have all had elevated rates during recent years, all trended lower in December, the report found.
In Arizona, foreclosure starts fell by 24.2 percent from the same month the year before, while California saw its rate cut by 30.6 percent. In addition, the start rate in Nevada declined by 14 percent.
Meanwhile, while the rate of foreclosures edged lower in all three states, foreclosure sales in Arizona and Nevada also fell by 10.6 and 27.8 percent, respectively. In contrast, California's foreclosure sales rate increased by 3.2 percent.
The report especially noted the improvement seen in Nevada's housing market. During recent year's the state has consistently had the highest foreclosure rate in the country. However, new state legislation has resulted in the rate consecutively edging lower since October.
"Nevada's new foreclosure rules appear on track to bring a near complete halt to foreclosures in that state." said ForeclosureRadar CEO Sean O'Toole.
Additionally, the timeline it took to complete a foreclosure in Nevada in December remained relatively flat, decreasing by just 3.2 percent.
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