Nevada Foreclosure Activity Declines in May

Statewide foreclosure filings down 6 percent from April, down 23 percent from a year ago

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 11,039 Nevada properties in May, a 6 percent decrease from April and 23 percent below the level reported for May 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report. Nevada posted the highest foreclosure rate in the nation, with one in every 103 Nevada housing units receiving a foreclosure filing in May.

 

Trailing behind California (51,906), Florida (19,192), Michigan (14,614), and Arizona (13,122), Nevada remained steady in fifth, reporting 11,039 properties with foreclosure filings for the month. The rest of the nation’s top 10 states for May included Illinois (10,574), Georgia (10,503), Texas (9,055), Ohio (8,379) and Wisconsin (4,660). The nation’s top 10 accounted for 71 percent of the nation’s total foreclosure activity for the month.

 

Nye County posts state’s top foreclosure rate in May

Nye County posted the highest foreclosure rate of all Nevada counties in May, with one in every 69 housing units receiving a foreclosure filing — 8.8 times the national average. Clark County came in second highest, with one in every 89 housing units receiving a foreclosure filing during the month — 6.8 times the national average. Lyon County reported the third highest foreclosure rate, where one in every 95 housing units received a foreclosure filing during the month — 6.4 times the national average.

 

Clark County dominates state foreclosure totals in May

Clark County led all counties with 9,203 properties with foreclosure filings for the month.  Washoe County was a distant second, reporting 1,152 properties with foreclosure filings. Nye County was third highest, reporting 238 properties with foreclosure filings. Lyon County came in fourth place, tallying 193 properties with foreclosure filings. Fifth highest was Douglas County, where 129 properties with foreclosure filings were reported for the month.

 

State contributes 5 percent to total foreclosure activity in May

Nevada accounted for 5 percent of the 214,927 properties with foreclosure filings reported nationwide in May. Total U.S. activity decreased by 7 percent from April, and was down 28 percent from the level reported in May 2010. One in every 605 U.S. housing units received a foreclosure filing during the month.

 

“Foreclosure processing delays continue to mask the true face of the foreclosure situation, although there were some clues in the May numbers of what lies behind that mask,” said James J. Saccacio, chief executive officer of RealtyTrac. “First, activity spiked in May for various stages of the foreclosure process in some states, a pattern that has occurred in several states over the past few months. This pattern provides evidence that lenders are somewhat unevenly pushing batches of bad loans through foreclosure as they overhaul their paperwork and documentation procedures and as they determine that some local markets are able to absorb more foreclosure inventory.

 

“Second, while the inventory of properties in the foreclosure process has declined steadily over the past six months — thanks in large part to 16 consecutive months of year-over-year declines in new default notices — the inventory of unsold bank-owned REOs increased in April and May even as new REO activity slowed in both of those months,” Saccacio continued. “That points to continued weak demand from buyers, making it tough for lenders to unload their REO inventory. Even at a significantly lower level than a year ago, the new supply of REOs exceeds the amount being sold each month.”

 

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 – May 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

28,468

30,329

67,313

21,938

66,879

214,927

605

n/a

n/a

Nevada

3,623

0

3,763

0

3,653

11,039

103

5.87

n/a

 

 

 

 

 

 

 

 

 

 

Nye

97

0

80

0

61

238

69

8.75

1.49

Clark

2,927

0

3,071

0

3,205

9,203

89

6.79

1.16

Lyon

65

0

73

0

55

193

95

6.40

1.09

Washoe

447

0

442

0

263

1,152

157

3.85

0.66

Douglas

43

0

54

0

32

129

181

3.33

0.57

 

 

Nevada Top Foreclosure Totals by County – May 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 11

% Chg May 10

 

 

 

 

 

 

 

 

 

 

United States

28,468

30,329

67,313

21,938

66,879

214,927

605

-1.98

-33.44

Nevada

3,623

0

3,763

0

3,653

11,039

103

-6.14

-23.05

 

 

 

 

 

 

 

 

 

 

Clark

2,927

0

3,071

0

3,205

9,203

89

-7.68

-23.98

Washoe

447

0

442

0

263

1,152

157

15.78

-14.79

Nye

97

0

80

0

61

238

69

53.55

-14.70

Lyon

65

0

73

0

55

193

95

-31.07

-31.07

Douglas

43

0

54

0

32

129

181

-16.77

8.40

 

 

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