Nevada Foreclosure Activity Down in First Quarter

Foreclosure filings drop 10 percent from Q4 2010, down 7 percent from a year ago

State has top foreclosure rate

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 32,066 Nevada properties during the first quarter of 2011, down 10 percent from the fourth quarter of 2010 and 7 percent below the level reported for the same quarter last year, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The state posted the highest foreclosure rate in the nation, with one in every 35 Nevada housing units receiving a foreclosure filing during the quarter.

 

Foreclosure filings were reported on 12,900 Nevada properties in March, a 35 percent increase from February but down 13 percent from March 2010. Even with the state’s consistent month-to-month decline in unemployment, joblessness remains a major concern, looming above 13 percent and adding to Nevada‘s foreclosure challenges. One in every 88 Nevada housing units received a foreclosure filing in March, the highest state foreclosure rate in the nation.

 

California led the country in quarterly foreclosure totals, with 168,543 properties with a foreclosure filing, followed by Florida, which reported 58,322 properties with foreclosure filings during Q1 2011. Third highest total for the quarter was tallied in Arizona, where 46,047 properties with foreclosure filings were reported. Georgia narrowly beat out Michigan for fourth highest total, reporting 37,509 properties with foreclosure filings. Reporting 37,506 properties with foreclosure filings for the period, Michigan ranked fifth highest. The rest of the nation’s top 10 state foreclosure totals for the first quarter of the year included: Texas (34,646), Illinois (33,092), Ohio (24,697) and Colorado (13,847). The top five states accounted for 51 percent of the nation’s total quarterly foreclosure activity.

 

Lyon County reports state’s top foreclosure rate in the first quarter

Lyon County posted the highest foreclosure rate in Nevada during the first quarter of 2011, with one in every 20 housing units receiving a foreclosure filing — 9.5 times the national average age. Nye County had the second highest foreclosure rate, with one in every 26 housing units receiving a foreclosure filing — 7.4 times the national average. One in every 31 housing units in Clark County received a foreclosure filing, the third highest foreclosure rate in the state for the quarter — 6.1 times the national average.

 

Clark County accounted for most of the state’s foreclosure activity for first quarter

Clark County led the way, reporting 26,275 properties with foreclosure filings during the quarter. Washoe County was second highest in the state, reporting 3,365 properties with foreclosure filings. Third highest total was tallied in Lyon County, where 910 properties with foreclosure filings were reported. Reporting 636 properties with foreclosure filings for the quarter, Nye County registered the fourth highest total in the state. Fifth highest was Douglas County, where 299 properties with foreclosure filings were reported for the quarter.

 

State the eighth largest contributor to nation’s foreclosure total in first quarter

Nevada accounted for 5 percent of the 681,153 properties with foreclosure filings reported nationwide for the first quarter of 2011. Total U.S. activity decreased almost 15 percent from the fourth quarter of 2010, and was down 27 percent from the level reported for the same quarter in 2010. One in every 191 U.S. housing units received a foreclosure filing during the quarter.

 

“The nation’s housing market continued to languish in the first quarter, even as foreclosure activity fell to a three-year low,” said James J. Saccacio, chief executive officer of RealtyTrac. “Weak demand, declining home prices and the lack of credit availability are weighing heavily on the market, which is still facing the dual threat of a looming shadow inventory of distressed properties and the probability that foreclosure activity will begin to increase again as lenders and servicers gradually work their way through the backlog of thousands of foreclosures that have been delayed due to improperly processed paperwork.”

 

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 – Q1 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

97,901

99,211

216,867

52,128

215,046

681,153

191

n/a

n/a

Nevada

13,662

0

9,032

0

9,372

32,066

35

5.38

n/a

 

 

 

 

 

 

 

 

 

 

Lyon

341

0

145

0

424

910

20

9.52

1.77

Nye

218

0

190

0

228

636

26

7.37

1.37

Clark

11,174

0

7,522

0

7,579

26,275

31

6.12

1.14

Washoe

1,528

0

978

0

859

3,365

54

3.55

0.66

Churchill

54

0

21

0

74

149

74

2.58

0.48

 

 

 

 

Nevada Top Foreclosure Totals by County – Q1 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q4 10

% Chg Q1 10

 

 

 

 

 

 

 

 

 

 

United States

97,901

99,211

216,867

52,128

215,046

681,153

191

-14.76

-26.93

Nevada

13,662

0

9,032

0

9,372

32,066

35

-10.38

-7.21

 

 

 

 

 

 

 

 

 

 

Clark

11,174

0

7,522

0

7,579

26,275

31

-11.54

-7.74

Washoe

1,528

0

978

0

859

3,365

54

-5.61

-10.72

Lyon

341

0

145

0

424

910

20

11.79

18.18

Nye

218

0

190

0

228

636

26

11.19

11.19

Douglas

158

0

63

0

78

299

78

-4.78

-12.06

 

 

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