Nevada Foreclosure Activity Falls in August

Statewide  filings down 3 percent from July; State has nation’s highest Rate

Foreclosure  filings — default notices, scheduled auctions and bank repossessions — fall in  Nevada, where 9,677 properties were reported in August, a 3 percent decrease  from July and 28 percent below the level reported for August 2010, according to the latest RealtyTrac®  U.S. Foreclosure Market Report.

Nevada had  the top foreclosure rate in the country with one in every 118 housing units with  a foreclosure filing in August.

California continues to  lead the nation in terms of total properties with foreclosure filings by a  large margin, reporting 59,383 properties with a foreclosure filing. Second  ranked Florida reported 23,569 properties with foreclosure filings during the  month. Moving up to third place was Michigan, where 13,016 properties with  foreclosure filings were reported. Illinois jumped a spot to the fourth highest  total, reporting 12,493 properties with foreclosure filings while Georgia  dropped two spots and took fifth place, tallying 11,743 properties with  foreclosure filings.

The remaining states that  make up the nation’s top 10 in August include Arizona (11,081), Texas (10,148),  Ohio (9,841), Nevada (9,677) and Colorado (4,933). The top 10 accounted for 73 percent  of the nation’s total foreclosure activity for the month.

Lyon County posts top foreclosure rate in the state  for August
  One in every 84 housing  units in Lyon County received a foreclosure filing in August — 6.8 times the  national average and 1.4 times the state average — the highest foreclosure rate  of all Nevada counties for the month. Nye County had the second highest rate of  one in every 97 housing units with a foreclosure filing during the month — 5.9  times the national average and 1.2 times the state average. Clark County had  the third highest rate of one in every 103 housing units with a foreclosure  filing during the month — 5.5 times the national average and 1.1 times the  state average.

Clark County accounts for most of the state’s  foreclosure total in August
  Clark County led the  state in foreclosure activity, reporting 7,951 properties with foreclosure  filings for the month. Washoe County was second highest, reporting 969 properties  with foreclosure filings. Lyon County was third, reporting 218 properties with  foreclosure filings. Fourth highest was Nye County, recording 169 properties  with foreclosure filings. Douglas County was fifth tallying 114 properties with  a foreclosure filing.

State a major contributor to nation’s total  foreclosure activity in August
  Nevada accounted for 4 percent  of the 228,098 properties with foreclosure filings reported nationwide in August.  Total U.S. activity increased by more than 7 percent from July, but was down nearly  33 percent from the level reported in August 2010. One in every 570 U.S. housing  units received a foreclosure filing during the month.

“The big increase in new foreclosure actions may be  a signal that lenders are starting to push through some of the foreclosures  delayed by robo-signing and other documentation problems,” said James Saccacio,  chief executive officer of RealtyTrac. “It also foreshadows more bank  repossessions in the coming months as these new foreclosures make their way  through the process.”

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: DefaultNotice  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 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

40,765

38,115

63,347

21,058

64,813

228,098

570

n/a

n/a

Nevada

4,086

0

2,423

0

3,168

9,677

118

4.85

n/a

 

 

 

 

 

 

 

 

 

 

Lyon

99

0

58

0

61

218

84

6.81

1.41

Nye

68

0

51

0

50

169

97

5.85

1.21

Clark

3,266

0

1,973

0

2,712

7,951

103

5.53

1.14

Churchill

26

0

53

0

11

90

122

4.66

0.96

Washoe

491

0

211

0

267

969

187

3.05

0.63

 

 

        Nevada Top Foreclosure Totals by County – August 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg July 11

% Chg Aug 10

 

 

 

 

 

 

 

 

 

 

United States

40,765

38,115

63,347

21,058

64,813

228,098

570

7.21

-32.68

Nevada

4,086

0

2,423

0

3,168

9,677

118

-2.55

-27.70

 

 

 

 

 

 

 

 

 

 

Clark

3,266

0

1,973

0

2,712

7,951

103

-3.58

-28.84

Washoe

491

0

211

0

267

969

187

-7.98

-22.48

Lyon

99

0

58

0

61

218

84

6.86

-17.42

Nye

68

0

51

0

50

169

97

6.29

-37.87

Douglas

53

0

33

0

28

114

205

42.50

2.70

 

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