Nevada Foreclosure Activity Down in 2011

Filings down 31 percent from 2010 and 35 percent from 2009; Rate is Nation’s highest

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 72,884 Nevada properties in 2011, down 31 percent from a year ago and 35 percent below the level reported in 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The state posted the highest foreclosure rate in the nation, with one in every 16 Nevada housing units receiving a foreclosure filing in 2011.

Foreclosure filings were reported on 6,416 Nevada properties in December, a 1 percent decrease from November and down 52 percent from December 2010. One in every 177 Nevada housing units received a foreclosure filing in December, the highest state foreclosure rate in the nation.

California continued to lead the country in foreclosure totals for 2011, reporting 428,045 properties with foreclosure filings. Florida was second, reporting 181,965 properties with foreclosure filings during 2011. Third highest total for the year was tallied in Arizona, where 113,967 properties with foreclosure filings were reported. Georgia had the fourth highest total, reporting 110,273 properties with foreclosure filings. Reporting 103,003 properties with foreclosure filings for the year, Illinois ranked fifth highest.

The rest of the nation’s top 10 state foreclosure totals for 2011 included Michigan (100,248), Texas (89,675), Ohio (79,422), Nevada and Colorado (38,557). The top five states accounted for 50 percent of the nation’s total 2011 foreclosure activity.

Lyon County has top foreclosure rate honors in 2011
 One in every 13 housing units in Lyon County received a foreclosure filing during 2011 — 5.5 times the national average and 1.3 times the state average. Clark County had the second highest rate with one in every 14 housing units reporting a foreclosure filing — 5.1 times the national average and 1.2 times the state average. Nye County had the third highest rate, reporting one in every 14 housing units with a foreclosure filing — five times the national average and 1.2 times the state average.

Clark County leads the state in foreclosure activity for 2011
 Clark County led the way, reporting 60,488 properties with foreclosure filings during 2011. Washoe County was second highest in the state, reporting 7,981 properties with foreclosure filings. Third highest total was tallied in Lyon County, where 1,451 properties with foreclosure filings were reported. Reporting 1,202 properties with foreclosure filings for the year, Nye County registered the fourth highest total in the state. Fifth highest was Douglas County, where 620 properties with foreclosure filings were reported for 2011.

State the ninth largest contributor to nation’s foreclosure total in 2011
 Nevada accounted for 4 percent of the 1,887,777 properties with foreclosure filings reported nationwide for 2011. Total U.S. activity was down 34 percent from 2010 and was down 33 percent from the level reported for 2009. One in every 69 U.S. housing units received a foreclosure filing during the year.

“Foreclosures were in full delay mode in 2011, resulting in a dramatic drop in foreclosure activity for the year,” said Brandon Moore, chief executive officer of RealtyTrac. “The lack of clarity regarding many of the documentation and legal issues plaguing the foreclosure industry means that we are continuing to see a highly dysfunctional foreclosure process that is inefficiently dealing with delinquent mortgages — particularly in states with a judicial foreclosure process.

“There were strong signs in the second half of 2011 that lenders are finally beginning to push through some of the delayed foreclosures in select local markets. We expect that trend to continue this year, boosting foreclosure activity for 2012 higher than it was in 2011, though still below the peak of 2010.”

 

                  Nevada Top Foreclosure Rates By County – 2011

County

Total

% Housing Units

1/every X HU (rate)

/National Avg.

/State Avg.

 

 

 

 

 

 

United States

1,887,777

1.45

69

n/a

n/a

Nevada

72,844

6.40

16

4.41

n/a

 

 

 

 

 

 

Lyon

1,451

7.95

13

5.49

1.27

Clark

60,488

7.38

14

5.09

1.18

Nye

1,202

7.30

14

5.04

1.17

Washoe

7,981

4.42

23

3.05

0.71

Douglas

620

2.65

38

1.83

0.42

                             Nevada Top Foreclosure Totals By County –2011

County

Total

% Housing Units

1/every X HU (rate)

% Chg 2010

% Chg 2009

 

 

 

 

 

 

United States

1,887,777

1.45

69

-34.27

-33.17

Nevada

72,844

6.40

16

-31.38

-35.02

 

 

 

 

 

 

Clark

60,488

7.38

14

-31.42

-36.24

Washoe

7,981

4.42

23

-27.34

-27.60

Lyon

1,451

7.95

13

-31.07

-31.91

Nye

1,202

7.30

14

-29.99

-26.53

Douglas

620

2.65

38

-38.37

-32.97

 

To search and research real estate data for more than 130 million properties nationwide, sign up for a FREE trial to RealtyTrac.

For the latest real estate news and trends get a FREE issue of our award-winning real estate newsletter, the Housing News Report.

Related Posts

Leave a Reply

Copyright © 2016 Renwood RealtyTrac LLC - All rights reserved