Mortgage quality improving rapidly in Nevada and nationwide

First-time delinquent home loans have fallen below 1% for the first time since 2007, closing at 0.84%, according to a report on Monday by Lender Processing Services. The decline in poor loaning practices is "propelling the worst real estate crash since the Great Depression into the rearview mirror."

Tighter credit lines and more stringent criteria for receiving a loan are making it harder for borrowers to obtain mortgages. This has driven down the homeownership rate to its lowest percentage since 1995, all while reducing the amount of foreclosures across the country.

While Nevada still ranks high, its rate of decline in foreclosures is among the highest in the country, signalling a return to normal for the housing market. "The big picture: this economy is coming back," says Ross Perot Jr. of Hillwood Development Co. 

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