Nevada Foreclosures Decline in November

Foreclosure filings down 20 percent from October, but rate still highest in nation

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 11,371 Nevada properties in November, down 20 percent from the previous month, but still a 22 percent increase from the level reported in November 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.  

 

One in every 99 Nevada housing units received a foreclosure filing in November, the highest state foreclosure rate in the nation.

 

“Foreclosure activity in Nevada dropped substantially in November, though it remained well above the level reported for the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s recent drop in foreclosures, even while it retains the highest unemployment rate in the nation, is likely the cause of the ‘robo-signing’ controversy which has temporarily halted many foreclosure proceedings across the country.”

 

California reported 57,378 properties with foreclosure filings and remains firmly established as the national frontrunner. Florida had the second highest total, reporting 32,938 properties with foreclosure filings for the month, well ahead of third place Michigan, which reported 15,311 properties with foreclosure filings. Georgia moved up two spots to fourth place, tallying 14,423 properties with foreclosure filings. Moving up four spots in the nation’s top 10 for November, Texas was fifth highest, reporting 13,369 properties with foreclosure filings for the month.

 

The remaining Top 10 states for November were Illinois (12,941), Nevada (11,371), Ohio (10,458), Arizona (10,384) and Pennsylvania (5,672). The top five states accounted for 51 percent of all foreclosure filings in the nation for the month.

 

Churchill County has top foreclosure rate in November

Churchill County posted the highest foreclosure rate in Nevada for November, with one in every 80 housing units receiving a foreclosure filing — 6.2 times the national average. Lyon and Clark counties tied for second, each reporting one in every 86 housing units receiving a foreclosure filing — 5.7 times the national average. Nye County came in fourth, with one in every 98 housing units receiving a foreclosure filing — five times the national average.

 

Clark County foreclosure total more than four times next closest county in November

Foreclosure activity in Clark County was more than four times the level reported by the next highest county for November. For the month, Clark County reported 9,384 properties with foreclosure filings. Washoe County had the second highest total reporting 1,205 properties with foreclosure filings. Lyon County was third highest, tallying 212 properties with foreclosure filings. Nye County reported 169 properties with foreclosure filings for the month, the state’s fourth highest activity level. Churchill County was fifth, reporting 137 properties with foreclosure filings.

 

State the seventh largest single contributor to total foreclosure total

Nevada accounted for 4 percent of the 262,339 properties with foreclosure filings reported nationwide in November. Total U.S. activity decreased by 21 percent from the previous month, and was down more than 14 percent from the level reported in November 2009. One in every 492 U.S. housing units received a foreclosure filing during the month.

 

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 – November 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

39,529

39,426

86,079

29,877

67,428

262,339

492

n/a

n/a

Nevada

4,700

0

4,904

0

1,767

11,371

99

4.96

n/a

 

 

 

 

 

 

 

 

 

 

Churchill

16

0

107

0

14

137

80

6.18

1.24

Lyon

93

0

74

0

45

212

86

5.73

1.15

Clark

3,780

0

4,145

0

1,459

9,384

86

5.70

1.15

Nye

62

0

64

0

43

169

98

5.04

1.02

Washoe

601

0

436

0

168

1,205

149

3.31

0.67

 

 

Nevada Top Foreclosure Totals by County – November 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Oct 10

% Chg Nov 09

 

 

 

 

 

 

 

 

 

 

United States

39,529

39,426

86,079

29,877

67,428

262,339

492

-21.02

-14.44

Nevada

4,700

0

4,904

0

1,767

11,371

99

-19.95

22.33

 

 

 

 

 

 

 

 

 

 

Clark

3,780

0

4,145

0

1,459

9,384

86

-19.47

21.43

Washoe

601

0

436

0

168

1,205

149

-19.02

17.10

Lyon

93

0

74

0

45

212

86

-42.86

17.78

Nye

62

0

64

0

43

169

98

-32.13

6.29

Churchill

16

0

107

0

14

137

80

136.21

448.00

 

 

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