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IN BUSINESS REAL ESTATE NEVADA DROPS TO NO. 2 ON U.S. FORECLOSURE LIST By Steve Green senior staff writer A good-news, bad-news also increase in Nevada. scenario emerged April 11 on the foreclosure front in Nevada. RealtyTrac of Irvine, Calif., which collects and analyzes foreclosure data, reported that in March, Nevada moved to No. 2 on the national foreclosure list after leading the nation for 62 consecutive months. With one foreclosure filing for every 300 households, Arizona moved into the No. 1 spot in March, RealtyTrac said. Nevada's rate was one filing for every 301 households. California came in at No. 3 with one for every 303 homes. All these numbers were well above the national rate of one filing for every 662 homes. The bad news for Nevada, however, is that it led the nation in the growth of foreclosure starts in March, with filings jumping 153 percent from February. That's an indication that in coming months, completed foreclosures will law requiring lenders documentation Nevada with foreclosure In Nevada, 1,163 properties received default notices in March, up from 460 in February, RealtyTrac said. Largely because of filings dropped dramatically in late 2011 and now appear to be heading back up as banks have adjusted to the situation. There were 5,565 filings in March 2011, RealtyTrac said. Among It's impossible to say by how much, as some homeowners may gain refinancing and banks may allow others to get out of their mortgages with short sales. a new state to file extra foreclosures, the nation's metropolitan areas, Las Vegas ranked No. 8 on the first-quarter foreclosure list, RealtyTrac said. Las Vegas had led the nation for 22 consecutive months until October. Leading the nation in the Modesto; first Bernardino-Ontario; Vallejo-Fairfield; quarter were seven California markets: Merced; Sacramento and Bakersfield. Stockton; Riverside-San rate ARVILLE INDUSTRIAL PARK IMMEDIATE OCCUPANCY 1,500 TO 9,120 SQ. FT. OF INDUSTRIAL WAREHOUSE SPACE. 4520-4560 SOUTH ARVILLE ST. SOUTH OF WEST FLAMINGO ROAD Rates from 25¢ psf NNN For Las Vegas, the high unemployment (12.2 percent) contribute foreclosures. The Greater Las Vegas Association of Realtors said the median price of single-family homes sold in March was $123,000, up 1.7 percent from $121,000 $125,950 one year ago. Nationwide, RealtyTrac said to elevated continues levels to of Declines in recent months have been attributed to efforts by banks to beef up compliance with foreclosure rules as well as regulatory investigations, many of which are wrapping up. "The low foreclosure numbers in the first quarter are not an indication that the massive reservoir of distressed properties built up over the past few years has somehow miraculously in February but down 2.3 percent from evaporated," Brandon Moore, CEO of RealtyTrac, said in a statement. "The dam may not burst in the next 30 to 45 days, but it will eventually burst, foreclosure filings were reported on 198,853 properties in March. That's down 4 percent from February, down 17 percent from March 2011 and the lowest monthly total since July 2007. and everyone downstream should be prepared for that to happen — both in terms of new foreclosure activity and new short sale activity." MARKET UPDATE: There was one foreclosure filing for every 301 households in Nevada in March. ASSOCIATED PRESS FILE SUIT SEEKS REFUND AND DAMAGES LAWSUIT, FROM PAGE 11 from the player accounts." accounts. The lawsuit claims Lederer received some $42 million in distributions and money and punitive damages. "profit sharing" payments, some of which was loaned from Full Tilt and may or may not be outstanding, while Ferguson received $85 million, some possibly in the form of loans. Exclusive Leasing & Management By COMMERCIAL SPECIALISTS | 702.364.0909 12 "Additionally, defendants approved distributions and loans to the other owners of Full Tilt Poker from funds directly traceable to the player accounts," the lawsuit says. "The distributions and loans intermingled funds containing monies | 23 APRIL 2012 | The lead plaintiffs are poker players Steve Segal of New York, Nick Hammer and Robin Hougdahl of Minnesota, and Todd Terry of New Jersey. The same class-action Ferguson, four suit and last other year against officials The suit seeks a court order requiring the defendants to refund players their filed a Lederer, and to Lederer, Ferguson and the money laundering; but corporate entities in New York alleging racketeering because of an alleged pattern of bank fraud, wire fraud and in January, a other Full Tilt Poker owners were from federal judge found that court lacked jurisdiction over the defendants.