Nevada Foreclosure Activity Trends Upward in May

Total foreclosure filings statewide up 5 percent from April.

State’s foreclosure rate No. 1 in the nation

 

Nevada foreclosure activity rose in May to 17,157 properties with foreclosure filings, a 5 percent increase from the previous month, and 83 percent above the level reported in May 2008, according to RealtyTrac’s® latest U.S. Foreclosure Market Report. One in every 64 Nevada housing units received a foreclosure filing in May, the highest state foreclosure rate in the nation for the month.

 

Nevada foreclosures are up both in May and from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s unemployment rate is nearly 2 percent above the national average and that it had the largest decline in home values during the past year — more than 31 percent. These factors are definitely helping to keep Nevada’s foreclosure rate at the top of the list.”

 

Outdistanced by top ranked California with 92,249 properties and Florida with 58,931 properties with foreclosure filings in May, Nevada held on to its third place ranking, reporting 17,157 properties with foreclosure filings. Arizona came in fourth place with 16,865 properties with foreclosure filings. Michigan posted the fifth highest level of foreclosure activity, reporting 13,891 properties with foreclosure filings.

 

Completing the nation’s top 10 states for total foreclosure filings in May were Ohio, Illinois, Georgia, Texas and Virginia. Combined, the top 10 states accounted for 75 percent of all foreclosure activity in the nation for the month.

 

Five counties accounted for 99 percent of state’s foreclosure activity for May

Clark County led all counties, reporting 14,681 properties with foreclosure filings for the month. Washoe County posted the second highest total, where 1,639 properties with foreclosure filings were reported. Lyon County had the third highest total, reporting 298 properties with foreclosure filings, followed by Nye County, where 211 properties with foreclosure filings were tallied. Douglas County held the fifth highest total, where 104 properties with foreclosure filings were reported for the month.

 

Clark County posts state’s highest foreclosure rate for May

Clark County posted the highest county foreclosure rate in the state, with one in every 54 housing units receiving a foreclosure filing during the month. Lyon County had the second highest rate, with one in every 60 housing units receiving a foreclosure filing. Nye County posted the third highest rate, where one in every 79 housing units received a foreclosure filing during the month.

 

State contributes 5 percent to nation’s foreclosure activity for May

Foreclosure activity in Nevada represented 5 percent of the 321,480 properties with foreclosure filings reported nationwide in May. Total U.S. activity fell 6 percent from the previous month but was still nearly 18 percent ahead of May 2008. One in every 398 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the county, state and national level. 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 filed against a property during the month — which is extremely rare — 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 Foreclosure Market Data by County – May 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 09

% Chg May 08

 

 

 

 

 

 

 

 

 

 

United States

55,442

67,687

100,578

32,756

65,017

321,480

398

– 6.01

17.76

Nevada

8,876

0

5,230

0

3,051

17,157

64

5.48

82.70

 

 

 

 

 

 

 

 

 

 

Carson City

49

0

42

0

7

98

234

11.36

81.48

Churchill

54

0

25

0

6

85

128

1,600.00

269.57

Clark

7,643

0

4,472

0

2,566

14,681

54

4.32

78.32

Douglas

45

0

38

0

21

104

223

-15.45

89.09

Elko

16

0

9

0

2

27

719

-10.00

50.00

Esmeralda

0

0

0

0

0

0

 n/a

 n/a

n/a 

Eureka

0

0

0

0

0

0

 n/a

 n/a

 n/a

Humboldt

7

0

5

0

0

12

608

50.00

140.00

Lander

0

0

0

0

0

0

 n/a

 n/a

 n/a

Lincoln

0

0

0

0

0

0

 n/a

 n/a

 n/a

Lyon

85

0

57

0

156

298

60

14.62

238.64

Mineral

0

0

0

0

0

0

 n/a

 n/a

 n/a

Nye

87

0

69

0

55

211

79

-25.70

77.31

Pershing

1

0

1

0

0

2

1,191

 n/a

0.00

Storey

0

0

0

0

0

0

 n/a

-100.00

 n/a

Washoe

889

0

512

0

238

1,639

108

18.51

107.21

White Pine

0

0

0

0

0

0

 n/a

-100.00

-100.00

 

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