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For the past 56 months, Nevada has led the country in foreclosure rates. RealtyTrac recently reported the startling fact.
In Nevada, according to the report, one of every 118 properties was given a foreclosure notice during the month. A total of over 9,600 units started the long road to foreclosure in August.
Driven by a drop in scheduled home auctions in addition to a 6% decrease in properties, default notices grew 31%.
Among metro areas with a census of over 200,000, Las Vegas still had the highest rate of foreclosures. Las Vegas saw one in every 104 properties handed a foreclosure notice: five times the national average.
As with any crisis, people were standing by to take advantage of others’ problems.
Sergio Barajas, a former administrator of community development program, National Community Stabilization Trust, was indicted for his part in a scam taking advantage of Las Vegas residents facing foreclosure.
The NCST is a Nevada-based nonprofit formed in answer to the foreclosure crisis. The organization works to restore vacant properties as it demolishes unsafe properties.
According to the indictment recently handed down, Barajas approved nonprofits to participate in programs which determine which groups were awarded foreclosed homes.
Barajas received hundreds of thousands of dollars to use his influence and give preferential treatment to individuals seeking access to foreclosed homes through federally funded programs. Barajas’ co-defendants made millions when they resold the homes indicated by Barajas.
As the Department of Housing and Urban Development’s Inspector General continues to investigate the case, Barajas and six co-defendants made their initial appearance in federal court November 1, 2017
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