Nevada Foreclosure Activity Level Decreases in April

Statewide foreclosure filings decrease 9 percent in April; state has highest foreclosure rate

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 11,761 Nevada properties in April, down 9 percent from March and 27 percent below the level reported for April 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

One in every 97 Nevada housing units received a foreclosure filing in April, the nation’s highest foreclosure rate. Adding to its foreclosure difficulties, the state also retained the nation’s highest unemployment rate for the month — 13.2 percent — a full percentage point ahead of a struggling California.

 

Since January 2007, California has lad the nation in total monthly foreclosure activity and April is no exception, reporting 55,869 properties with foreclosure filings. Florida remained the state with the second highest total, tallying 19,649 properties with foreclosure filings. Arizona stayed in third place, reporting 13,419 properties with foreclosure filings. Michigan had the fourth highest foreclosure total reporting 12,996 properties with foreclosure filings for the month.

 

The rest of the states in the nation’s top 10 for April included Illinois (10,055), Texas (8,793), Georgia (8,479), Ohio (7,962) and Colorado (4,379). The top five states accounted for 52 percent of the nation’s total foreclosure activity for the month.

 

Lyon County top in foreclosure rate for April

Lyon County posted the highest foreclosure rate of all Nevada counties in April, with one in every 65 housing units receiving a foreclosure filing — 9.1 times the national average. Clark County posted the second highest foreclosure rate, where one in every 82 housing units received a foreclosure filing during the month — 7.2 times the national average. Nye County came in third, with one in every 106 housing units receiving a foreclosure filing during the month — 5.6 times the national average.

 

Clark County led the state in foreclosure activity in April

Clark County led all counties in foreclosure activity, reporting 9,969 properties with foreclosure filings for the month. Washoe County was second highest, reporting 995 properties with foreclosure filings. Third highest in the state was Lyon County, where 280 properties with foreclosure filings were reported. Douglas and Nye counties were fourth highest, each tallying 155 properties with foreclosure filings.

 

State the fifth largest contributor to nation’s foreclosure crisis in April

Nevada accounted for 5 percent of the 219,258 properties with foreclosure filings reported nationwide in April. Total U.S. activity decreased by nearly 9 percent from March, and was down 34 percent from the level reported in April 2010. One in every 593 U.S. housing units received a foreclosure filing during the month.

 

“Foreclosure activity decreased on an annual basis for the seventh straight month in April, bringing foreclosure activity to a 40-month low,” said James J. Saccacio, chief executive officer of RealtyTrac. “This slowdown continues to be largely the result of massive delays in processing foreclosures rather than the result of a housing recovery that is lifting people out of foreclosure.

 

“The first delay occurs between delinquency and foreclosure, when lenders and services are no longer automatically pushing loans that are more than 90 days delinquent into foreclosure but are waiting longer to allow for loan modifications, short sales and possibly other disposition alternatives,” Saccacio continued. “Data from the Mortgage Bankers Association shows that about 3.7 million properties are in this seriously delinquent stage. The second delay occurs after foreclosure has started, when lenders are taking much longer than they were just a few years ago to complete the foreclosure 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: 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 – April 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

31,684

31,738

65,898

20,406

69,532

219,258

593

n/a

n/a

Nevada

3,356

0

3,799

0

4,606

11,761

97

6.13

n/a

 

 

 

 

 

 

 

 

 

 

Lyon

119

0

78

0

83

280

65

9.10

1.49

Clark

2,701

0

3,219

0

4,049

9,969

82

7.21

1.18

Nye

40

0

37

0

78

155

106

5.58

0.91

Douglas

68

0

44

0

43

155

151

3.92

0.64

Washoe

352

0

348

0

295

995

182

3.26

0.53

 

 

Nevada Top Foreclosure Totals by County – April 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Mar 11

% Chg Apr 10

 

 

 

 

 

 

 

 

 

 

United States

31,684

31,738

65,898

20,406

69,532

219,258

593

-8.56

-34.32

Nevada

3,356

0

3,799

0

4,606

11,761

97

-8.83

-27.48

 

 

 

 

 

 

 

 

 

 

Clark

2,701

0

3,219

0

4,049

9,969

82

-6.77

-26.74

Washoe

352

0

348

0

295

995

182

-23.23

-38.31

Lyon

119

0

78

0

83

280

65

-30.69

-8.79

Douglas

68

0

44

0

43

155

151

78.16

7.64

Nye

40

0

37

0

78

155

106

-31.72

-38.98

 

 

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