Nevada Foreclosure Activity Falls in February

Statewide filings down 29 percent from January; State posts top foreclosure rate

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 4,228 Nevada properties in February, a 29 percent decrease from January and 56 percent below the level reported for February 2011, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

Nevada had the highest foreclosure rate in the nation once again, reporting one in every 278 housing units with a foreclosure filing in February.

Lyon County posts top foreclosure rate in the state for February
 One in every 194 housing units in Lyon County had a foreclosure filing in February — 3.3 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 238 housing units with a foreclosure filing during the month — 2.7 times the national average and 1.2 times the state average. Clark County had the third highest rate of one in every 245 housing units with a foreclosure filing during the month — 2.6 times the national average and 1.1 times the state average.

Clark County has top foreclosure total in February
 Clark County led the state by a large margin, reporting 3,434 properties with foreclosure filings for the month. Washoe County was second highest, reporting 488 properties with foreclosure filings. Lyon County was third, reporting 116 properties with foreclosure filings. Fourth highest was Nye County, recording 94 properties with foreclosure filings. Carson City was fifth, tallying 36 properties with foreclosure filings for the month.

State a minor contributor to total foreclosure activity in February
 Nevada accounted for 2 percent of the 206,900 properties with foreclosure filings reported nationwide in February. Total U.S. activity decreased by 2 percent from January and was down over 8 percent from the level reported in February 2011. One in every 637 U.S. housing units received a foreclosure filing during the month.

“February’s numbers point to a gradually rising foreclosure tide as some of the barriers that have been holding back foreclosures are removed,” said Brandon Moore, CEO of RealtyTrac. “Although national foreclosure activity was pushed lower by decreases in a handful of larger states, 21 states posted annual increases in foreclosure activity, the most states with annual increases since November 2010.

“The foreclosure and mortgage settlement filed in court earlier this week will help pave the way to a properly functioning foreclosure process by providing a clear roadmap for necessary foreclosures,” Moore continued. “That should result in more states posting annual increases in the coming months. Not surprisingly, many of the biggest annual increases in February were in states with the more bureaucratic judicial foreclosure process, which resulted in a larger backlog of foreclosures built up over the last 18 months in those states.”

Nevada Top Foreclosure Rates By County – February 2012

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

23,058

35,828

60,700

23,480

63,834

206,900

637

n/a

n/a

Nevada

460

0

1,942

0

1,826

4,228

278

2.29

n/a

 

 

 

 

 

 

 

 

 

 

Lyon

15

0

34

0

67

116

194

3.27

1.43

Nye

16

0

29

0

49

94

238

2.68

1.17

Clark

359

0

1,562

0

1,513

3,434

245

2.60

1.13

Churchill

3

0

5

0

24

32

338

1.88

0.82

Washoe

58

0

282

0

148

488

379

1.68

0.73

 Nevada Top Foreclosure Totals by County – February 2012

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Jan 12

% Chg Feb 11

 

 

 

 

 

 

 

 

 

 

United States

23,058

35,828

60,700

23,480

63,834

206,900

637

-1.92

-8.09

Nevada

460

0

1,942

0

1,826

4,228

278

-28.71

-55.74

 

 

 

 

 

 

 

 

 

 

Clark

359

0

1,562

0

1,513

3,434

245

-29.57

-55.72

Washoe

58

0

282

0

148

488

379

-26.28

-50.76

Lyon

15

0

34

0

67

116

194

8.41

-60.41

Nye

16

0

29

0

49

94

238

-21.01

-58.22

Carson City

5

0

18

0

13

36

654

-50.00

-58.14

 

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