Nevada Reports Small But Welcome Drop in Foreclosures for August

Foreclosure activity in Nevada fell 8 percent in August to 17,902 properties with foreclosure filings, up 53 percent from the level reported in August 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 62 Nevada housing units received a foreclosure filing in August, the highest foreclosure rate in the nation.

 

“Foreclosure activity dropped slightly in Nevada in August, though it remained well above the level reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Nevada’s unemployment rate soared to 13.2 percent, as the recession continues to hammer the state’s tourism-dominated economy.”

 

In August, Nevada had the fourth highest total in the nation. California maintained the top position with 92,326 properties with foreclosure filings in August, followed by Florida with 62,402 properties with foreclosure filings. Michigan took over the number three slot, reporting 19,359 properties with foreclosure filings for the month. Arizona, which fell two spots to fifth place, reported 17,807 properties with foreclosure filings.

 

Rounding out the nation’s top 10 states for total foreclosure filings in August were Illinois (13,078), Georgia (11,947), Ohio (11,368), Texas (11,261) and New Jersey (8,316). Activity in the top five states accounted for 58 percent of all foreclosure filings in the nation for August.

 

Nye County posts state’s top foreclosure rate in August

Nye County posted the highest county foreclosure rate in Nevada for August, with one in every 47 housing units receiving a foreclosure filing — 7.6 times the national average. Clark County had the second highest foreclosure rate, with one in every 53 housing units receiving a foreclosure filing during the month — 6.7 times the national average. Washoe County posted the third highest foreclosure rate, where one in every 85 housing units received a foreclosure filing — 4.2 times the national average.

 

Clark County accounts for most of the state’s foreclosure totals for August

Clark County tallied the highest activity level, tallying 14,940 properties with foreclosure filings for the month. Washoe County had the second highest total of foreclosure filings, documenting 2,086 properties with foreclosure filings. Reporting 352 properties with foreclosure filings for the month, Nye County reported the third highest total in the state. Carson City County was fourth highest, reporting 178 properties with foreclosure filings, while the fifth highest total was in Douglas County, where 113 properties with foreclosure filings were reported for the month.

 

State a significant contributor to the nation’s foreclosure activity in August

Nevada accounted for 5 percent of the 358,471 properties with foreclosure filings reported nationwide in August. Total U.S. activity declined fractionally from the previous month but was still 18 percent ahead of August 2008. One in every 357 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 – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

n/a

n/a

Nevada

8,031

0

6,396

0

3,475

17,902

62

5.79

n/a

 

 

 

 

 

 

 

 

 

 

Nye

161

0

125

0

66

352

47

7.57

1.31

Clark

6,763

0

5,232

0

2,945

14,940

53

6.76

1.17

Washoe

902

0

867

0

317

2,086

85

4.19

0.72

Carson City

76

0

62

0

40

178

129

2.77

0.48

Lincoln

4

0

8

0

0

12

189

1.89

0.33

 

 

Nevada Top Foreclosure Totals by County – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg July 09

% Chg Aug 08

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

6.74

32.32

Nevada

8,031

0

6,396

0

3,475

17,902

62

-8.36

52.93

 

 

 

 

 

 

 

 

 

 

Clark

6,763

0

5,232

0

2,945

14,940

53

-11.06

47.94

Washoe

902

0

867

0

317

2,086

85

25.29

88.78

Nye

161

0

125

0

66

352

47

41.94

136.24

Carson City

76

0

62

0

40

178

129

85.42

323.81

Douglas

43

0

37

0

33

113

206

-27.10

151.11

 

 

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