Nevada Foreclosure Activity Down 33 Percent in November

State posts top foreclosure rate in the nation

 

Nevada foreclosure activity fell for the month of November to 9,664 properties with foreclosure filings, down 22 percent from the previous month, according to the latest RealtyTrac® U.S. Foreclosure Market Report.  The monthly total is 3 percent behind the level reported in November 2008. With one in every 119 Nevada housing units receiving a foreclosure filing in November, the state maintained the top foreclosure rate in the nation.

 

“Foreclosure filings in Nevada dropped by double-digits for a second consecutive month in November, even as unemployment remained high at 12.5 percent,” said James J. Saccacio, chief executive officer of RealtyTrac. “One reason for the decline in foreclosures is the state’s mediation program, launched in July, which allows homeowners the option of going through mediation with lenders. Apparently, lenders are reducing principal and interest rates to keep homeowners in their homes.”

 

California held on to its substantial lead in total foreclosure activity, reporting 73,995 properties with foreclosure filings. Florida came in second once again, reporting 52,935 properties with foreclosure filings in November. Illinois maintained its third place ranking, reporting 16,442 properties with foreclosure filings for the month. Michigan had the fourth highest total, documenting 15,988 properties with foreclosure filings. Arizona took over fifth place, reporting 14,349 properties with foreclosure filings.

 

The remaining states in the nation’s top 10 for total foreclosure filings in November were Texas (12,098), Ohio (10,587), Georgia (9,664) and New Jersey (9,227). Activity in the top five states accounted for 57 percent of all foreclosure filings in the nation for November.

 

Lyon County posts state’s highest foreclosure rate in November

Lyon County posted the highest county foreclosure rate in the state for November, with one in every 100 housing units receiving a foreclosure filing — 4.2 times the national average. Clark County had the second highest foreclosure rate, with one in every 102 housing units receiving a foreclosure filing — 4.1 times the national average. Nye County came in third highest, with one in every 104 housing units receiving a foreclosure filing — four times the national average.

 

Clark County accounted for most of the state’s foreclosure filings for November

Clark County led all counties, totaling 7,728 properties with foreclosure filings for the month. Washoe County was second highest, documenting 1,029 properties with foreclosure filings. Reporting 180 properties with foreclosure filings for the month, Lyon County had the third highest total in the state, while Nye County was fourth highest, reporting 159 properties with foreclosure filings for the month.

 

State the ninth largest contributor to nation’s foreclosure total in November

Nevada accounted for 3 percent of the 306,627 properties with foreclosure filings reported nationwide in November. Total U.S. activity declined nearly 8 percent from the previous month but was still 18 percent ahead of November 2008. One in every 417 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default Notice of Default (NOD) and Lis Pendens (LIS); Auction Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). If more than one foreclosure document is received for a property during the month, only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

 

Nevada Top Foreclosure Rates By County – November 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

44,757

69,413

81,843

33,913

76,701

306,627

417

n/a

n/a

Nevada

5,549

0

1,368

0

2,378

9,295

119

3.52

n/a

 

 

 

 

 

 

 

 

 

 

Lyon

101

0

31

0

48

180

100

4.18

1.19

Clark

4,671

0

1,067

0

1,990

7,728

102

4.09

1.16

Nye

90

0

20

0

49

159

104

4.00

1.14

Washoe

587

0

221

0

221

1,029

173

2.42

0.69

Douglas

34

0

6

0

36

76

306

1.36

0.39

 

 

Nevada Top Foreclosure Totals by County – November 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Oct 09

% Chg Nov 08

 

 

 

 

 

 

 

 

 

 

United States

44,757

69,413

81,843

33,913

76,701

306,627

417

-7.72

18.35

Nevada

5,549

0

1,368

0

2,378

9,295

119

-32.85

-33.43

 

 

 

 

 

 

 

 

 

 

Clark

4,671

0

1,067

0

1,990

7,728

102

-33.36

-37.84

Washoe

587

0

221

0

221

1,029

173

-19.23

-6.28

Lyon

101

0

31

0

48

180

100

-40.98

52.54

Nye

90

0

20

0

49

159

104

-30.87

-16.75

Douglas

34

0

6

0

36

76

306

-53.09

3,700.00

 

 

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