Nevada Foreclosure Activity Increases in January

Statewide filings up 1 percent from December; foreclosure rate ranks #1 nationally

 

Foreclosure activity in Nevada increased in January to 11,854 properties with foreclosure filings, a 1 percent increase from December 2009, but still down 18 percent from January 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report. With one in every 95 Nevada housing units receiving a foreclosure filing in January, the state had the top foreclosure rate in the nation for the month.

 

“The number of Nevada foreclosure filings continued to climb going into 2010 as the state’s rate of foreclosures topped the nation for January,” said James J. Saccacio, chief executive officer of RealtyTrac. “Though filings are down from this time last year, high unemployment hovering around 13 percent continues to be an issue for Nevada’s struggling homeowners.”

 

California continues to lead the nation with 71,817 properties with foreclosure filings for the month. Florida also continued as the state with the second highest activity level in the country well behind the Golden State, documenting 47,069 properties with foreclosure filings in January. Arizona came in third highest, reporting 21,048 properties with foreclosure filings for the month. Illinois ranked fourth highest at 18,120 properties with foreclosure filings. Reporting 17,574 properties with foreclosure filings, Michigan had the fifth highest level of foreclosure activity during the month.

 

The rest of the nation’s top 10 states for total foreclosure activity in January were Texas (12,225), Georgia (11,274), Ohio (11,105) and New Jersey (6,146). Activity in the top five states accounted for 56 percent of all foreclosure filings in the nation for January.

 

Lyon County posts top foreclosure rate in the state for January

Lyon County posted the state’s highest county foreclosure rate in January, with one in every 60 housing units receiving a foreclosure filing — 6.7 times the national average. Clark County had the second highest foreclosure rate, with one in every 82 housing units receiving a foreclosure filing — five times the national average. Nye was a close third, with one in every 90 housing units receiving a foreclosure filing — 4.5 times the national average. Washoe County posted the fourth highest foreclosure rate, with one in every 160 housing units receiving a foreclosure filing — 2.5 times the national average. Douglas County documented the fifth highest rate, where one in every 177 housing units received a foreclosure filing during the month — 2.3 times the national average.

 

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

Clark County led all counties, totaling 9,909 properties with foreclosure filings for the month. Washoe County was second highest, documenting 1,117 properties with foreclosure filings. Reporting 303 properties with foreclosure filings for the month, Lyon County had the third highest total. Nye County came in fourth highest, reporting 184 properties with foreclosure filings, followed by Douglas County where 132 properties with foreclosure filings were reported.

 

State a significant contributor to nation’s foreclosure total in January

Nevada accounted for 4 percent of the 315,716 properties with foreclosure filings reported nationwide in January. Total U.S. activity declined nearly 10 percent from the previous month but was still 15 percent ahead of January 2009. One in every 409 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 – January 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

40,456

62,850

90,451

34,311

87,648

315,716

409

n/a

n/a

Nevada

6,525

0

2,997

0

2,332

11,854

95

4.30

n/a

 

 

 

 

 

 

 

 

 

 

Lyon

169

0

43

0

91

303

60

6.74

1.58

Clark

5,382

0

2,646

0

1,881

9,909

82

4.95

1.16

Nye

114

0

37

0

33

184

90

4.52

1.06

Washoe

681

0

224

0

212

1,117

160

2.52

0.59

Douglas

48

0

17

0

67

132

177

2.29

0.54

 

 

Nevada Top Foreclosure Totals by County – January 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Dec 09

% Chg Jan 09

 

 

 

 

 

 

 

 

 

 

United States

40,456

62,850

90,451

34,311

87,648

315,716

409

-9.67

15.06

Nevada

6,525

0

2,997

0

2,332

11,854

95

0.68

-17.93

 

 

 

 

 

 

 

 

 

 

Clark

5,382

0

2,646

0

1,881

9,909

82

-1.99

-20.72

Washoe

681

0

224

0

212

1,117

160

19.21

-19.99

Lyon

169

0

43

0

91

303

60

35.87

298.68

Nye

114

0

37

0

33

184

90

36.30

-10.24

Douglas

48

0

17

0

67

132

177

-13.16

16.81

 

 

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