Nevada Foreclosure Activity Decreases in August

Filings decrease 3 percent from July; foreclosure rate No. 1 nationally

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 13,385 Nevada properties in August, a 3 percent decrease from the previous month and a 25 percent decrease from August 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.  

 

One in every 84 Nevada housing units received a foreclosure filing during the month, the highest state foreclosure rate in the nation.

 

Nevada foreclosures were down slightly in August,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decrease was in bank-owned properties, which were down 22 percent for the month. The state’s home values increased slightly during the month of June. This has likely driven the recent foreclosure decline.”

 

As it has for quite some time now, California led the nation in foreclosure activity with 69,143 properties with foreclosures filings. Florida continued as the state with the nation’s second highest level of activity, reporting 56,877 properties with foreclosure filings in August. Michigan took over the spot as state with the third highest foreclosure level, tallying 17,764 properties with foreclosure filings for the month. Illinois dropped one notch to fourth highest, reporting 16,808 properties with foreclosure filings. Reporting 16,510 properties with foreclosure filings for the month, Arizona stayed in fifth place.

 

The remaining states in the nation’s top 10 for total foreclosure activity in August were Georgia (16,366), Texas (14,290), Ohio (13,479), Nevada (13,385) and Washington (6,760). In all, these states accounted for 71 percent of all foreclosure filings in the nation for the month.

 

Nye County dominates the state in foreclosure rate for August

Nye County posted the top foreclosure rate in Nevada for August, where one in every 61 housing units received a foreclosure filing during the month. One in every 69 housing units received a foreclosure filing in Lyon County, for the second highest rate in the state. Coming in third was Clark County, where one in every 73 housing units received a foreclosure filing in August. Fourth highest was Churchill County, where one in every 123 housing units received a foreclosure filing. Washoe County came in fifth, with one in every 143 housing units receiving a foreclosure filing during the month.

 

Clark County posts top foreclosure total for August

Clark County led Nevada in total foreclosure activity for August, reporting 11,173 properties with foreclosure filings. Washoe County documented the second highest foreclosure activity, where 1,250 properties with foreclosure filings were reported. Nye County came in third, tallying 272 properties with foreclosure filings. Fourth highest was Lyon County, where 264 properties with foreclosure filings were reported. Carson City came in fifth, reporting 144 properties with foreclosure filings for the month.

 

State contributes 4 percent to nation’s monthly foreclosure total

Nevada accounted for 4 percent of the 338,836 properties with foreclosure filings reported nationwide in August. Total U.S. activity increased by more than 4 percent from the previous month, but was down more than 5 percent from the level reported in August 2009. One in every 381 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 – August 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

44,887

51,582

95,887

51,116

95,364

338,836

381

n/a

n/a

Nevada

6,050

0

4,636

0

2,699

13,385

84

4.52

n/a

 

 

 

 

 

 

 

 

 

 

Nye

91

0

74

0

107

272

61

6.28

1.39

Lyon

118

0

90

0

56

264

69

5.52

1.22

Clark

4,954

0

3,977

0

2,242

11,173

73

5.25

1.16

Churchill

66

0

13

0

10

89

123

3.11

0.69

Washoe

638

0

396

0

216

1,250

143

2.66

0.59

 

 

Nevada Top Foreclosure Totals by County – August 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 10

% Chg July 09

 

 

 

 

 

 

 

 

 

 

United States

44,887

51,582

95,887

51,116

95,364

338,836

381

4.18

-5.48

Nevada

6,050

0

4,636

0

2,699

13,385

84

-2.49

-25.23

 

 

 

 

 

 

 

 

 

 

Clark

4,954

0

3,977

0

2,242

11,173

73

-2.44

-25.21

Washoe

638

0

396

0

216

1,250

143

-3.10

-40.08

Nye

91

0

74

0

107

272

61

8.37

-22.73

Lyon

118

0

90

0

56

264

69

-25.21

180.85

Carson City

85

0

30

0

29

144

159

56.52

-19.10

 

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