Statewide foreclosure filings slide 17 percent from second half of 2010
State’s foreclosure rate nation’s highest at midyear
Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 53,217 Nevada properties during the first six months of 2011, a 17 percent drop from the second half of 2010 and almost 18 percent below the level reported for the first half of last year, according to the Midyear 2011 Foreclosure Market Report just released by RealtyTrac®. The state had the highest foreclosure rate nationally, reporting 4.68 percent of its housing units received a foreclosure filing during the six-month period.
Foreclosure filings were reported on 10,007 Nevada properties in June, down 9 percent from May and down 22 percent from June 2010. One in every 114 Nevada housing units received a foreclosure filing in June, the highest state foreclosure rate in the nation.
Nevada followed closely behind Illinois (60,636) and Texas (55,442), ranking eighth for the first half of year with 53,217 filings. Reporting the ninth largest total was Ohio with 44,419 properties with foreclosure filings while Colorado rounded out the nation’s top ten with 25,744 filings. The top half of the nation’s highest 10 states for the first half of 2011 included California (26,350), Florida (113,631), Arizona (77,525), Michigan (61,005) and Georgia (60,870). The nation’s top 10 accounted for 70 percent of the nation’s total for the first half of the year.
Lyon County posts state’s top foreclosure rate in first half of 2011
Lyon County posted the highest foreclosure rate of all Nevada counties, with one in every 14 housing units receiving a foreclosure filing in the first half of the year — 7.9 times the national average. Nye County came in second highest, with a rate of one in every 17 housing units receiving a foreclosure filing up through the midyear period — 6.5 times the national average. Clark County was third highest for the six-month period, with one in every 19 housing units receiving a foreclosure filing — 5.8 times the national average.
Clark County dominates state foreclosure totals in first half of year
Clark County led all counties, reporting 43,944 properties with foreclosure filings for the midyear period. Washoe County was second highest, reporting 5,404 properties with foreclosure filings. Lyon County came in third, tallying 1,335 properties with foreclosure filings. Fourth highest was Nye County, where 961 properties with foreclosure filings were reported. Douglas County was fifth, reporting 597 properties with foreclosure filings for the first half of the year.
State contributes 4 percent to nation’s foreclosure total in first half of 2011
Nevada accounted for 4 percent of the 1,170,402 properties with foreclosure filings reported nationwide for the first half of 2011. Total U.S. activity decreased 25 percent from the second half of 2010, and was down 29 percent from the level reported for the first half of 2010. One in every 111 U.S. housing units received a foreclosure filing during the first six months of the year.
“It would be nice to report that foreclosure activity is dropping as a result of improvements in the economy or the housing market,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unfortunately, with unemployment rates inching back up, consumer confidence weak and home sales and prices continuing to languish, this doesn’t appear to be the case.
“Processing and procedural delays are pushing foreclosures further and further out – we estimate that as many as 1 million foreclosure actions that should have taken place in 2011 will now happen in 2012, or perhaps even later. This casts an ominous shadow over the housing market, where recovery is unlikely to happen until the current and forthcoming inventory of distressed properties can be whittled down to a manageable number.”
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 Market Data By County – Midyear 2011
Total Properties with Filings
% Housing Units
1 every X HU
% chg July-Dec 10
% chg Jan-June 2010
Nevada Market Data by County – June 2011
1/every X HU (rate)
% Chg May 11
% Chg June 10