Nevada Foreclosure Activity Declines in October

Foreclosure filings down 13 percent from September; rate 1st highest

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 14,205 Nevada properties in October, a 13 percent decrease from the previous month and 3 percent above the level reported in October 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.  

 

One in every 79 Nevada housing units received a foreclosure filing in October, maintaining the state’s status as the highest foreclosure rate in the nation for yet another month.

 

Nevada foreclosures dropped in October,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decline was in bank-owned properties, which fell 24 percent for the month. Even so, the state still ranked among the top ten in total foreclosures and continues to hold the highest foreclosure rate in the nation. With the number one unemployment rate and much lower-than-average home values and sales, it is likely that Nevada foreclosures will remain high for a while.”

 

California continued to lead the nation in total foreclosures in October with 66,475 properties with foreclosure filings. Florida remained in sole possession of second place, reporting 56,858 properties with foreclosure for the month. Michigan maintained its third place ranking for the third consecutive month, reporting 19,288 properties with foreclosure filings for the month. Illinois moved up two spots to rank the fourth highest foreclosure total, tallying 16,969 properties with foreclosure filings, narrowly beating out fifth place Arizona, which moved down one spot reporting 16,538 properties with foreclosure filings for the month.

 

The remaining states in the nation’s foreclosure top 10 for October were Georgia (14,850), Nevada (14,205), Ohio (13,233), Texas (13,008) and Washington (6,346). The nation’s top 10 accounted for 72 percent of all foreclosure filings in the nation for the month.

 

Lyon County posts state’s top foreclosure rate for October

Lyon County posted the highest county foreclosure rate in Nevada for the month, with one in every 49 housing units receiving a foreclosure filing during October — 7.9 times the national average. Nye County registered the second highest foreclosure rate, with one in every 66 housing units receiving a foreclosure filing during the month — 5.9 times the national average. Clark County was third highest, with one in every 70 housing units receiving a foreclosure filing — 5.6 times the national average.

 

Clark County dominates state foreclosure activity in October

Foreclosure activity was heaviest in Clark County, which reported 11,653 properties with foreclosure filings for the month. Washoe County tallied the second highest foreclosure level, reporting 1,488 properties with foreclosure filings. Third highest total was in Lyon County, where 371 properties with foreclosure filings were reported. Fourth highest was Nye County, where 249 properties with foreclosure filings were reported. Elko County filled out the top five for the month, reporting 138 properties with foreclosure filings.

 

State contributes 4 percent to nation’s monthly foreclosure total

Nevada accounted for 4 percent of the 332,172 properties with foreclosure filings reported nationwide in October. Total U.S. activity decreased by more than 4 percent from the previous month, and was down fractionally from the level reported in October 2009. One in every 389 U.S. housing units received a foreclosure filing during the 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 – October 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

43,271

57,304

92,989

45,372

93,236

332,172

389

n/a

n/a

Nevada

5,334

0

5,673

0

3,198

14,205

79

4.90

n/a

 

 

 

 

 

 

 

 

 

 

Lyon

129

0

185

0

57

371

49

7.92

1.62

Nye

111

0

63

0

75

249

66

5.86

1.20

Clark

4,321

0

4,675

0

2,657

11,653

70

5.59

1.14

Pershing

1

0

17

0

5

23

103

3.76

0.77

Washoe

638

0

552

0

298

1,488

120

3.23

0.66

 

 

Nevada Top Foreclosure Totals by County – October 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 10

% Chg Oct 09

 

 

 

 

 

 

 

 

 

 

United States

43,271

57,304

92,989

45,372

93,236

332,172

389

-4.39

-0.04

Nevada

5,334

0

5,673

0

3,198

14,205

79

-13.19

2.62

 

 

 

 

 

 

 

 

 

 

Clark

4,321

0

4,675

0

2,657

11,653

70

-16.70

0.49

Washoe

638

0

552

0

298

1,488

120

-1.65

16.80

Lyon

129

0

185

0

57

371

49

59.23

21.64

Nye

111

0

63

0

75

249

66

-5.68

8.26

Elko

20

0

103

0

15

138

141

411.11

318.18

 

 

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