Nevada Foreclosure Activity Down in Third Quarter

Filings down 11 percent from Q2 2011, down 33 percent from a year ago
    State’s foreclosure rate highest  in the nation

Foreclosure filings — default  notices, scheduled auctions and bank repossessions — were reported on 25,900 Nevada properties during  the third quarter of 2011, down 11 percent from the second quarter of 2011 and  33 percent below the level reported for the same quarter last year, according to the latest RealtyTrac® U.S.  Foreclosure Market Report. One in every 44 Nevada housing units had a foreclosure  filing during the quarter, the highest foreclosure rate in the nation.

Foreclosure filings were reported  on 9,622 Nevada  properties in September, a 1 percent decrease from August and down 41 percent  from September 2010. One in every 118 Nevada  housing units had a foreclosure filing in September, the highest state  foreclosure rate in the nation.

California continues to lead the country in foreclosure totals,  reporting 153,051 properties with a foreclosure filing for the quarter. Florida maintained its  status in second place, reporting 67,886 properties with foreclosure filings  during Q3 2011. Third highest total for the quarter was tallied in Georgia, where  33,637 properties with foreclosure filings were reported. Illinois had the fourth highest total,  reporting 32,297 properties with foreclosure filings. Reporting 31,179  properties with foreclosure filings for the period, Michigan ranked fifth highest.

The rest of the nation’s top 10 state  foreclosure totals for the third quarter of the year included Arizona  (29,701), Texas (27,860), Nevada  (25,900), Ohio (24,166) and Colorado (12,918). The top five states accounted  for 52 percent of the nation’s total quarterly foreclosure activity.

Lyon County has top  foreclosure rate honors in the third quarter
  One in every 32 housing units in Lyon County  had a foreclosure filing during the third quarter of 2011 — 6.8 times the  national average and 1.4 times the state average. Nye County  had the second highest rate with one in every 35 housing units reporting a  foreclosure filing — six times the national average and 1.2 times the state  average. Clark County had the third highest rate,  reporting one in every 39 housing units with a foreclosure filing — 5.5 times  the national average and 1.1 times the state average.

Clark County leads  the state in foreclosure activity for third quarter
  Clark County had the highest level of foreclosure activity in  the state, reporting 21,254 properties with foreclosure filings during the  quarter. Washoe County was second highest, reporting  2,719 properties with foreclosure filings. Third highest total was tallied in Lyon County,  where 579 properties with foreclosure filings were reported. Reporting 465  properties with foreclosure filings for the quarter, Nye County  registered the fourth highest total in the state. Fifth highest was Carson City, where 290  properties with foreclosure filings were reported for the quarter.

State a large contributor to  nation’s foreclosure total in the third quarter
  Nevada accounted for 4 percent of the 610,337 properties  with foreclosure filings reported nationwide for the third quarter of 2011.  Total U.S.  activity was up slightly from the second quarter of 2011, but was down 34  percent from the level reported for the same quarter in 2010. One in every 213 U.S. housing  units received a foreclosure filing during the quarter.

“U.S.  foreclosure activity has been mired down since October of last year, when  the robo-signing controversy sparked a flurry  of investigations into lender foreclosure procedures and paperwork,” said  James Saccacio, chief executive  officer of RealtyTrac. “While foreclosure  activity in September and the third quarter continued to register well below levels  from a year ago, there is evidence  that this temporary downward trend is about to  change direction, with foreclosure activity slowly beginning to ramp back  up.”
  “Third quarter foreclosure activity increased marginally from the previous quarter, breaking a  trend of three consecutive quarterly  decreases that started in the fourth quarter of 2010,” Saccacio continued. “This marginal increase in overall  foreclosure activity was fueled by  a 14 percent jump in new default notices, indicating that lenders are cautiously throwing more wood into the  foreclosure fireplace after spending months trying  to clear the chimney of sloppily filed foreclosures.”

 

                                      Nevada Top Foreclosure Rates By County – Q3 2011

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

94,849

101,029

163,962

53,967

196,530

610,337

213

n/a

n/a

Nevada

11,114

0

6,197

0

8,589

25,900

44

4.85

n/a

 

 

 

 

 

 

 

 

 

 

Lyon

241

0

144

0

194

579

32

6.76

1.39

Nye

167

0

115

0

183

465

35

6.02

1.24

Clark

8,977

0

5,001

0

7,276

21,254

39

5.52

1.14

Churchill

82

0

65

0

35

182

60

3.52

0.73

Washoe

1,324

0

704

0

691

2,719

66

3.20

0.66

            Nevada Top Foreclosure Totals by County – Q3 2011

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 11

% Chg Q3 10

 

 

 

 

 

 

 

 

 

 

United States

94,849

101,029

163,962

53,967

196,530

610,337

213

0.35

-34.40

Nevada

11,114

0

6,197

0

8,589

25,900

44

-11.03

-32.60

 

 

 

 

 

 

 

 

 

 

Clark

8,977

0

5,001

0

7,276

21,254

39

-12.30

-34.17

Washoe

1,324

0

704

0

691

2,719

66

-4.16

-25.10

Lyon

241

0

144

0

194

579

32

-4.46

-23.82

Nye

167

0

115

0

183

465

35

-5.68

-33.67

Carson City

142

0

66

0

82

290

79

-4.29

-11.31

 

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