Nevada Foreclosures Fall in October

Statewide filings down 26 percent from September; rate ranks first nationally

 

Nevada reported 13,842 properties with foreclosure filings, down 26 percent from the previous month and 4 percent below the level reported in October 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 80 Nevada housing units received a foreclosure filing in October, the highest state foreclosure rate in the nation.

 

Nevada saw a drop in foreclosure activity in October, though the state remained one of worst affected in the nation,” said James J. Saccacio, chief executive officer of RealtyTrac. “One reason for the decline in foreclosures — even as unemployment remains high — is the state’s mediation program, launched in July, which allows homeowners the option of going through mediation with lenders.”

 

In October, Nevada had the fifth highest foreclosure total. California maintained the top position reporting 85,420 properties with foreclosure filings in October. Florida came in number two, reporting 51,911 properties with foreclosure filings for the month. Illinois came in number three, reporting 19,946 properties with foreclosure filings for the month. Michigan took the number four slot, documenting 16,468 properties with foreclosure filings.

 

The remaining states in the nation’s top 10 for total foreclosure filings in October were Arizona (13,345), Georgia (12,468), Texas (11,798), Ohio (11,646) and New Jersey (7,435). Activity in the top five states accounted for 56 percent of all foreclosure filings in the nation for October.

 

Lyon County posts state’s top foreclosure rate in October

Lyon County posted the highest county foreclosure rate in Nevada for October, with one in every 59 housing units receiving a foreclosure filing — 6.5 times the national average. Clark County ranked second, reporting one in every 68 housing units receiving a foreclosure filing — 5.6 times the national average. Nye County had the third highest foreclosure rate, with one in every 72 housing units receiving a foreclosure filing — 5.3 times the national average. Lander County posted the fourth highest foreclosure rate, where one in every 125 housing units received a foreclosure filing during the month — 3.1 times the national average.

 

Clark County tops state in foreclosure total during October

Clark County led all counties, totaling 11,596 properties with foreclosure filings for the month. Washoe County was second highest, documenting 1,274 properties with foreclosure filings. Lyon County was third highest foreclosure total in Nevada, reporting 305 properties with foreclosure filings for October. Nye County came in fourth, reporting 230 properties with foreclosure filings, while the fifth highest total was in Douglas County, where 162 properties with foreclosure filings were reported for the month.

 

State a major contributor to nation’s foreclosure activity in October

Nevada accounted for 4 percent of the 332,292 properties with foreclosure filings reported nationwide in October. Total U.S. activity declined 3 percent from the previous month but was still 19 percent ahead of October 2008. One in every 385 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 Top Foreclosure Rates By County – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

n/a

n/a

Nevada

6,058

0

3,959

0

3,825

13,842

80

4.83

n/a

 

 

 

 

 

 

 

 

 

 

Lyon

130

0

53

0

122

305

59

6.54

1.35

Clark

5,022

0

3,364

0

3,210

11,596

68

5.66

1.17

Nye

105

0

44

0

81

230

72

5.33

1.10

Lander

3

0

18

0

1

22

125

3.07

0.64

Churchill

50

0

12

0

16

78

139

2.77

0.57

Washoe

610

0

345

0

319

1,274

139

2.76

0.57

 

 

Nevada Top Foreclosure Totals by County – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 09

% Chg Oct 08

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

-3.30

18.86

Nevada

6,058

0

3,959

0

3,825

13,842

80

-26.24

-4.43

 

 

 

 

 

 

 

 

 

 

Clark

5,022

0

3,364

0

3,210

11,596

68

-26.71

-4.60

Washoe

610

0

345

0

319

1,274

139

-23.11

-0.86

Lyon

130

0

53

0

122

305

59

-46.40

-46.58

Nye

105

0

44

0

81

230

72

-13.86

49.35

Douglas

56

0

71

0

35

162

143

1.89

157.14

 

 

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