Nevada Foreclosure Activity Falls in October

Statewide filings down 34 percent  from September; State has highest rate

Foreclosure filings — default  notices, scheduled auctions and bank repossessions — were reported on 6,307 Nevada properties in  October, a 34 percent decrease from September and 56 percent below the level  reported for October 2010, according to the  latest RealtyTrac® U.S. Foreclosure Market Report.

Nevada had the highest foreclosure rate in the  nation, reporting one in every 180 housing units with a foreclosure filing in October.

California continues to lead the nation in terms of foreclosure  activity, reporting 55,312 properties with foreclosure filings for October. Second  ranked Florida reported 33,073 properties with foreclosure filings during the  month. Third place was Michigan, where 16,106 properties with foreclosure  filings were reported. Illinois had the fourth highest total, reporting 12,522 properties  with foreclosure filings while Arizona took fifth place, tallying 10,626 properties  with foreclosure filings.

The remaining states that make up the nation’s  top 10 in October include Georgia (10,010), Texas (9,845), Ohio (8,691), Nevada  (6,307) and Colorado (4,729). The top 10 accounted for 72 percent of the  nation’s total foreclosure activity for the month.

Lyon County posts top foreclosure rate in the state  for October
  One in every 133 housing units in Lyon County had  a foreclosure filing in October — 4.2 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 154 housing units with a foreclosure  filing during the month — 3.7 times the national average and 1.2 times the  state average. Clark County had the third highest rate of one in every 162  housing units with a foreclosure filing during the month — 3.5 times the national  average and 1.1 times the the state average.

Clark County has state’s highest foreclosure total in  October
  Clark County had the highest level of foreclosure activity in  the state, reporting 5,065 properties with foreclosure filings for October. Washoe  County was second highest, reporting 831 properties with foreclosure filings. Lyon  County was third, reporting 137 properties with foreclosure filings. Fourth  highest was Nye County, recording 107 properties with foreclosure filings. Douglas  County was fifth highest, tallying 55 properties with foreclosure filings for  the month.

State the nation’s ninth largest contributor to total  foreclosure activity in October
  Nevada accounted for 3 percent of the 230,678  properties with foreclosure filings reported nationwide in October. Total U.S. activity  increased by more than 7 percent from September, but was down nearly 31 percent  from the level reported in October 2010. One in every 563 U.S. housing units received  a foreclosure filing during the month.

“The October foreclosure numbers continue to show strong signs that  foreclosure activity is coming out of the rain delay we’ve been in for the past  year as lenders corrected foreclosure paperwork and processing problems,” said  James Saccacio, chief executive officer of RealtyTrac. “However, recent state  court rulings and new state laws keep changing the rules of the foreclosure  game on the fly, creating more uncertainty in the housing market and  threatening to prolong the road to a robust real estate recovery.”

Nevada Top Foreclosure Rates By County – October 2011

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

38,451

39,282

59,380

25,941

67,624

230,678

563

n/a

n/a

Nevada

1,201

0

2,836

0

2,270

6,307

180

3.12

n/a

 

 

 

 

 

 

 

 

 

 

Lyon

32

0

56

0

49

137

133

4.23

1.36

Nye

17

0

44

0

46

107

154

3.66

1.17

Clark

796

0

2,354

0

1,915

5,065

162

3.48

1.12

Washoe

291

0

341

0

199

831

218

2.59

0.83

Pershing

0

0

5

0

3

8

300

1.88

0.60

Nevada Top Foreclosure Totals by County – October 2011

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sep 11

% Chg Oct 10

 

 

 

 

 

 

 

 

 

 

United States

38,451

39,282

59,380

25,941

67,624

230,678

563

7.36

-30.55

Nevada

1,201

0

2,836

0

2,270

6,307

180

-34.45

-55.60

 

 

 

 

 

 

 

 

 

 

Clark

796

0

2,354

0

1,915

5,065

162

-36.23

-56.53

Washoe

291

0

341

0

199

831

218

-12.16

-44.15

Lyon

32

0

56

0

49

137

133

-37.73

-63.07

Nye

17

0

44

0

46

107

154

-45.96

-57.03

Douglas

27

0

16

0

12

55

426

-49.54

12.24

 

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