Nevada Foreclosure Activity Down in February

Statewide filings decrease 7 percent from January; rate #1 nationally

 

Foreclosure activity in Nevada decreased in February to 11,035 properties with foreclosure filings, down 7 percent from the previous month and 30 percent below the level reported in February 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 102 Nevada housing units received a foreclosure filing in February, ranking it first in the nation.

 

“Nevada foreclosures are down both in February and from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decline was in auctions, which fell 18 percent for the month. This decrease can be attributed to a spike in home sales resulting from huge price decreases during the past year. If the state’s employment situation begins to improve, we may see foreclosures here fall even further this year.”

 

California continued to lead the nation in total foreclosures in February with 68,562 properties reporting foreclosure filings. Florida maintained number two status, reporting 54,032 properties with foreclosure filings for the month. Michigan took over third place, documenting 20,028 properties with foreclosure filings. Illinois remained fourth highest at 17,312 properties with foreclosure filings. Close behind at 16,718 properties with foreclosure filings, Arizona fell to fifth place for the month.

 

The remaining states in the nation’s top 10 for total foreclosure activity in February were Texas (12,638), Georgia (12,177), Ohio (11,286), Nevada (11,035) and Maryland (5,732). In all, the top 10 accounted for 74 percent of all foreclosure filings in the nation for February.

 

Nye County posts top foreclosure rate in the state for February

Nye County posted the state’s highest county foreclosure rate in February, with one in every 78 housing units receiving a foreclosure filing — 5.4 times the national average. Clark County was second, with one in every 90 housing units receiving a foreclosure filing — 4.7 times the national average. Lyon County came in third highest, with one in every 91 housing units receiving a foreclosure filing — 4.6 times the national average.

 

Clark County reports highest number in total foreclosures in February

Clark County led the way, totaling 9,012 properties with foreclosure filings for the month. Washoe County was second, documenting 1,326 properties with foreclosure filings. Nye County ranked third highest, reporting 211 properties with foreclosure filings for the month. Lyon County came in fourth place, reporting 200 properties with foreclosure filings, while the fifth highest total was in Carson City, where 91 properties with foreclosure filings were reported for the month.

 

State contributes 4 percent to nation’s month foreclosure total

Nevada accounted for 4 percent of the 308,524 properties with foreclosure filings reported nationwide in February. Total U.S. activity declined more than 2 percent from the previous month but was still 6 percent ahead of February 2009. One in every 418 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: DefaultNotice 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 – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every

X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

n/a

n/a

Nevada

6,581

0

2,462

0

1,992

11,035

102

4.10

n/a

 

 

 

 

 

 

 

 

 

 

Nye

130

0

44

0

37

211

78

5.35

1.31

Clark

5,294

0

2,037

0

1,681

9,012

90

4.65

1.14

Lyon

132

0

51

0

17

200

91

4.59

1.12

Washoe

860

0

282

0

184

1,326

135

3.09

0.76

Churchill

26

0

16

0

6

48

227

1.84

0.45

 

 

 

Nevada Top Foreclosure Totals by County – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every

X HU (rate)

% Chg

Jan 10

% Chg

Feb 09

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

-2.28

6.22

Nevada

6,581

0

2,462

0

1,992

11,035

102

-6.91

-30.08

 

 

 

 

 

 

 

 

 

 

Clark

5,294

0

2,037

0

1,681

9,012

90

-9.05

-31.21

Washoe

860

0

282

0

184

1,326

135

18.71

-19.93

Nye

130

0

44

0

37

211

78

14.67

16.57

Lyon

132

0

51

0

17

200

91

-33.99

-66.61

Carson City

70

0

13

0

8

91

252

-24.79

18.18

 

 

 

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