Nevada Foreclosure Activity Drops in February

Statewide foreclosure filings down 22 percent; rate nation’s highest

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 9,553 Nevada properties in February, a 22 percent drop in foreclosure activity from January and 13 percent below the level reported for February 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

The state’s activity level was down at every stage of the foreclosure process during the month, led by the number of bank repossessed properties (REOs) down 40 percent from the previous month, followed by auction notices down 23 percent, and default notices down 8 percent. One in every 119 Nevada housing units received a foreclosure filing in February, making it the state with the nation’s highest foreclosure rate for the month. Nevada registered an unemployment rate of 14.2 percent in January. The state has remained at or above the 14 percent unemployment mark since October 2009.

 

Following closely behind Illinois with 9,592 properties with foreclosure filings, the Silver State placed eighth in the nation with 9,553 properties with foreclosure filings. Ohio came in ninth, reporting 8,598 filings and Wisconsin filled out the nation’s top ten with 4,478 properties with foreclosure filings. The highest states in the nation’s top 10 for total foreclosure activity in February included California (15,485), Florida (18,760), Arizona (15,485), Michigan (14,003), Georgia (12,807) and Texas 11,562. The top 10 states accounted for 72 percent of the nation’s total foreclosure activity for the month.

 

Lyon County posts state’s top foreclosure rate in February

Lyon County posted the highest foreclosure rate of all Nevada counties, with one in every 62 housing units receiving a foreclosure filing in February — 9.3 times the national average. Nye County had the second highest rate, with one in every 73 housing units receiving a foreclosure filing during the month — 7.9 times the national average. One in every 106 housing units in Clark County received a foreclosure filing, the third highest foreclosure rate in the state — 5.5 times the national average.

 

Clark County dominates state foreclosure totals in February

Reporting 7,755 properties with foreclosure filings, Clark kept its status at the statewide leader. Washoe County reported 991 properties with foreclosure filings, the second highest foreclosure total in the state. Lyon County came in third, reporting 293 properties with foreclosure filings. Nye County was fourth, tallying 225 properties with foreclosure filings. Fifth highest was Douglas County, where 97 properties with foreclosure filings were reported for the month.

 

State contributes 4 percent to nation’s foreclosure total in February

Four percent of the 225,101 properties with foreclosure filings reported nationwide in February were located in Nevada. Total U.S. activity decreased by nearly 14 percent from January, and was down 27 percent from the level reported in February 2010. One in every 577 U.S. housing units received a foreclosure filing during the month.

 

“Foreclosure activity dropped to a 36-month low in February as allegations of improper foreclosure processing continued to dog the mortgage servicing industry and disrupt court dockets,” said James J. Saccacio, chief executive officer of RealtyTrac. “While a small part of February’s decrease can be attributed to it being a short month and bad weather, the bottom line is that the industry is in the midst of a major overhaul that has severely restricted its capacity to process foreclosures. We expect to see the numbers bounce back, but that will likely take several months. And monthly volume may never return to its peak in March 2010 of more than 367,000 properties receiving foreclosure filings.”

 

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 – February 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

32,184

30,981

79,195

18,098

64,643

225,101

577

n/a

n/a

Nevada

4,178

0

3,250

0

2,125

9,553

119

1.05

n/a

 

 

 

 

 

 

 

 

 

 

Lyon

96

0

81

0

116

293

62

9.27

1.91

Nye

69

0

102

0

54

225

73

7.89

1.63

Clark

3,428

0

2,624

0

1,703

7,755

106

5.46

1.13

Washoe

444

0

366

0

181

991

182

3.17

0.65

Douglas

58

0

20

0

19

97

241

2.39

0.49

 

 

Nevada Top Foreclosure Totals by County – February 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Jan 11

% Chg Feb 10

 

 

 

 

 

 

 

 

 

 

United States

32,184

30,981

79,195

18,098

64,643

225,101

577

-13.86

-27.04

Nevada

4,178

0

3,250

0

2,125

9,553

119

-22.10

-13.43

 

 

 

 

 

 

 

 

 

 

Clark

3,428

0

2,624

0

1,703

7,755

106

-22.12

-13.95

Washoe

444

0

366

0

181

991

182

-28.14

-25.26

Lyon

96

0

81

0

116

293

62

0.69

46.50

Nye

69

0

102

0

54

225

73

-10.00

6.64

Douglas

58

0

20

0

19

97

241

-28.15

10.23

 

 

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