Nevada Foreclosure Activity Up in Third Quarter

Total foreclosure filings up 10 percent from Q2, and up 59 percent from Q3 2008.

 

Nevada reported 47,925 properties with foreclosure filings in the third quarter of 2009, an increase of 10 percent from the previous quarter and 59 percent above the level reported in the third quarter of 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

One in every 23 Nevada housing units received a foreclosure filing in the third quarter, the highest state foreclosure rate in the nation.

 

Foreclosure activity in the Silver State was up 5 percent in September from the previous month to 18,766 properties with foreclosure filings, and remained elevated on a yearly basis, up 44 percent from September 2008. The state’s foreclosure rate was highest in the nation for the month — with one in every 59 housing units receiving a foreclosure filing — 6.3 times the national average.

 

Nevada foreclosures continued to climb during the third quarter,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in bank-owned properties, which jumped nearly 30 percent during the quarter. Nevada’s 13.3 percent unemployment rate is at a historic high and contributing to the rising foreclosure activity. Rising joblessness is making it harder for borrowers to meet mortgage payments.”

 

As it has for almost two years now, California continues to lead the nation in total foreclosure activity by a large margin on both a monthly and quarterly basis. For the third quarter, it reported 250,054 properties with foreclosure filings. Florida posted the second highest activity level — 156,924 properties with foreclosure filings. Arizona reported 50,342 properties with foreclosure filings, third highest level in the nation. Nevada came in fourth highest, reporting 47,925 properties with foreclosure filings during the quarter, while Illinois tallied the fifth highest total, documenting 37,270 properties with foreclosure filings. The top five states alone represented 58 percent of all foreclosure filings in the nation during the quarter.

 

For September, the nation’s top 5 states for total foreclosure filings were California (86,337), Florida (55,036), Nevada (18,766), Michigan (16,767), and Georgia (14,972). Activity in the top five states accounted for 58 percent of the nation’s foreclosure total in September.

 

Clark County posts state’s top foreclosure rate in third quarter

Clark County posted the highest county foreclosure rate in the state for the third quarter, with one in every 20 housing units receiving a foreclosure filing — seven times the national average. Lyon County was a close second, with one in every 20 housing units receiving a foreclosure filing during the quarter — 6.9 times the national average. Nye County posted the third highest foreclosure rate, where one in every 22 housing units received a foreclosure filing — 6.2 times the national average.

 

Five counties accounted for 99 percent of foreclosure activity for third quarter

Clark County led the way, tallying 40,408 properties with foreclosure filings for the quarter. Washoe County came in second highest, reporting 4,799 properties with foreclosure filings. Lyon County came in third, tallying 906 properties with foreclosure filings. Fourth highest for the quarter was Nye County, reporting 751 properties with foreclosure filings. Douglas County documented 386 properties with foreclosure filings, the state’s fifth highest foreclosure total in the quarter.

 

State contributes 5 percent to nation’s foreclosure activity for quarter and month

Nevada accounted for 5 percent of the 937,840 properties with foreclosure filings reported nationwide for the third quarter and 5 percent of the 343,638 properties with foreclosure filings reported for September. Total U.S. activity declined 5.4 percent between the second and third quarter of the year, but was up 23 percent from the third quarter of 2008. One in every 136 U.S. housing units received a foreclosure filing during the quarter, the highest quarterly foreclosure rate since RealtyTrac began issuing its report in 2005.

 

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 Top Foreclosure Rates by County – Q3 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

153,255

188,986

263,957

94,590

237,052

937,840

136

n/a

n/a

Nevada

19,949

0

16,329

0

11,647

47,925

23.00

5.93

n/a

 

 

 

 

 

 

 

 

 

 

Clark

16,788

0

13,615

0

10,005

40,408

20

6.99

1.18

Lyon

368

0

313

0

225

906

20

6.88

1.16

Nye

307

0

226

0

218

751

22

6.17

1.04

Washoe

1,996

0

1,852

0

931

4,779

37

3.67

0.62

Churchill

89

0

62

0

41

192

57

2.41

0.41

 

 

Nevada Top Foreclosure Totals by County – Q3 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 09

% Chg Q3 08

 

 

 

 

 

 

 

 

 

 

United States

153,255

188,986

263,957

94,590

237,052

937,840

136

5.40

22.50

Nevada

19,949

0

16,329

0

11,647

47,925

23.00

9.68

58.88

 

 

 

 

 

 

 

 

 

 

Clark

16,788

0

13,615

0

10,005

40,408

20

8.82

53.62

Washoe

1,996

0

1,852

0

931

4,799

37

14.14

84.66

Lyon

368

0

313

0

225

906

20

13.11

78.00

Nye

307

0

226

0

218

751

22

10.93

147.85

Douglas

166

0

121

0

99

386

60

5.75

139.75

 

 

Nevada Top Foreclosure Rates by County – Sept 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

56,979

65,186

97,925

35,727

87,821

343,638

372

n/a

n/a

Nevada

8,568

0

6,327

0

3,871

18,766

59

6.34

n/a

 

 

 

 

 

 

 

 

 

 

Lyon

250

0

210

0

109

569

32

11.80

1.86

Clark

7,246

0

5,311

0

3,265

15,822

50

7.47

1.18

Nye

93

0

105

0

69

267

62

5.99

0.94

Churchill

66

0

53

0

26

145

75

4.98

0.79

Washoe

777

0

560

0

320

1,657

107

3.47

0.55

 

 

Nevada Top Foreclosure Totals by County – Sept 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Aug 09

% Chg Sept 08

 

 

 

 

 

 

 

 

 

 

United States

56,979

65,186

97,925

35,727

87,821

343,638

372

-4.14

29.20

Nevada

8,568

0

6,327

0

3,871

18,766

59

4.83

44.11

 

 

 

 

 

 

 

 

 

 

Clark

7,246

0

5,311

0

3,265

15,822

50

5.90

37.52

Washoe

777

0

560

0

320

1,657

107

-20.57

44.09

Lyon

250

0

210

0

109

569

32

505.32

712.86

Nye

93

0

105

0

69

267

62

-24.15

126.27

Douglas

68

0

53

0

38

159

146

40.71

89.29

 

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