Nevada Foreclosure Activity Up 44 Percent in 2009

 Foreclosure rate ranks #1 nationally; activity up 226 percent from 2007;

Activity up 27 percent from November

 

Nevada ended 2009 tallying 112,097 properties with foreclosure filings, a 44 percent increase from the total reported for 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The yearly total is 226 percent higher than the level reported for all of 2007. With one in every 10 housing units receiving a foreclosure filing, Nevada’s foreclosure rate ranked highest in the nation for the year.

 

Nevada reported 11,774 properties with foreclosure filings, a 27 percent increase over the previous month, but still down 22 percent from December 2008. The state’s foreclosure rate — one in every 94 housing units received a foreclosure filing — was the highest in the nation for the month.

 

“Nevada’s steady increase in foreclosure activity over the past year sealed its place among the top ten most affected states in the nation for 2009,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s high unemployment rate, which isn’t expected to improve much in the near term, played a major role in Nevada’s ever growing number of foreclosure filings.”

 

Nevada held the sixth highest foreclosure total for the year. California led the nation with 632,573 properties with foreclosure filings for 2009. Florida maintained the second highest total, reporting 516,711 properties with foreclosure filings. Arizona came in a distant third, reporting 163,210 properties with foreclosure filings. Illinois took fourth place, documenting 131,132 properties with foreclosure filings. Fifth place went to Michigan, which reported 118,302 properties with foreclosure filings.

 

The remaining states in the nation’s top 10 for total foreclosure filings for 2009 were Georgia (106,110), Ohio (101,614), Texas (100,045) and New Jersey (63,208). Activity in the top five states accounted for 55 percent of all foreclosure filings in the nation for 2009.

 

Clark County posts state’s highest foreclosure rate and total for 2009

Clark County posted the highest county foreclosure rate in Nevada for the year, with one in every eight housing units receiving a foreclosure filing in 2009. Lyon County was a close second, reporting one in every eight housing units receiving a foreclosure filing. Nye County came in third highest, reporting one in every 10 housing units receiving a foreclosure filing. Washoe County was fourth highest, with one in every 16 housing units receiving a foreclosure filing. Douglas County had the fifth highest rate, where one in every 25 housing units receiving a foreclosure filing.

 

Clark County posts state’s highest total foreclosure filings in 2009

Clark County also posted the highest foreclosure total in Nevada, reporting 94,862 properties with a foreclosure filing. Washoe County had the second highest total, documenting 11,023 properties with foreclosure filings. Lyon County had the third highest total in Nevada, reporting 2,131 properties with foreclosure filings for the year. Nye County was fourth highest, reporting 1,636 properties with foreclosure filings, followed by Douglas County in fifth place, tallying 925 properties with foreclosure filings for all of 2009.

 

State the sixth largest contributor to nation’s foreclosure total in 2009

Nevada accounted for 4 percent of the 2,824,674 properties with foreclosure filings reported nationwide in 2009. Total U.S. activity increased more than 21 percent over the level reported for all of 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

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: Year-End 2009

 

County

Total Properties with Filings

% Housing Units

1/Every X HU

%Chg

from 2008

% Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

Nevada

112,097

10.17

10

44.28

225.70

 

 

 

 

 

 

Clark

94,862

12.04

8

41.12

212.19

Lyon

2,131

11.87

8

59.03

452.07

Nye

1,636

9.86

10

76.86

278.70

Washoe

11,023

6.21

16

62.34

310.54

Douglas

925

3.98

25

96.81

478.13

 

 

Nevada Top Foreclosure Totals by County: Year-End 2009

 

County

Total Properties with Filings

% Housing Units

1/Every X HU

% Chg  

from 2008

% Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

Nevada

112,097

10.17

10

44.28

225.70

 

 

 

 

 

 

Clark

94,862

12.04

8

41.12

212.19

Washoe

11,023

6.21

16

62.34

310.54

Lyon

2,131

11.87

8

59.03

452.07

Nye

1,636

9.86

10

76.86

278.70

Douglas

925

3.98

25

96.81

478.13

 

 

Nevada Top Foreclosure Rates By County – December 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl Avg

/State Avg

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

n/a

n/a

Nevada

6,569

0

2,562

0

2,643

11,774

94

3.91

n/a

 

 

 

 

 

 

 

 

 

 

Clark

5,669

0

2,185

0

2,256

10,110

78

4.70

1.21

Lyon

143

0

33

0

47

223

80

4.55

1.17

Nye

75

0

18

0

42

135

123

2.98

0.76

Lander

1

0

1

0

17

19

145

2.52

0.65

Douglas

62

0

72

0

18

152

153

2.39

0.61

 

 

Nevada Top Foreclosure Totals by County – December 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 09

% Chg Dec 08

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

13.99

15.20

Nevada

6,569

0

2,562

0

2,643

11,774

94

26.67

21.71

 

 

 

 

 

 

 

 

 

 

Clark

5,669

0

2,185

0

2,256

10,110

2

30.82

-21.80

Washoe

528

0

216

0

193

937

12

-8.94

-27.76

Lyon

143

0

33

0

47

223

3,534

23.89

-7.47

Douglas

62

0

72

0

18

152

153

100.00

-12.14

Nye

75

0

18

0

42

135

144

-15.09

-22.41

 

 

 

To search and research real estate data for more than 130 million properties nationwide, sign up for a FREE trial to RealtyTrac.

For the latest real estate news and trends get a FREE issue of our award-winning real estate newsletter, the Housing News Report.

Related Posts

Leave a Reply

Copyright © 2016 Renwood RealtyTrac LLC - All rights reserved