Nevada Foreclosures Down in 2010

Foreclosure filings fall 5 percent from 2009; rate highest in nation

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 106,160 Nevada properties for 2010, down 5 percent from a year ago, but still 37 percent above the level reported for 2008, according to the RealtyTrac® Year-End 2010 U.S. Foreclosure Market Report™. One in every 11 Nevada housing units received a foreclosure filing, the highest state foreclosure rate in the nation for the year.

 

Foreclosure filings were reported on 13,472 Nevada properties in December 2010, an 18 percent increase from November and 14 percent above the level reported in December 2009. One in every 84 Nevada housing units received a foreclosure filing during the month, six times the national average.

 

“Foreclosure activity in Nevada may have fallen from its 2009 high, but it remained significantly above what was reported for 2008, keeping the state well within the top 10 hardest-hit states in the nation,” said James J. Saccacio, chief executive officer of RealtyTrac. “The Silver State’s staggeringly high rate of unemployment — currently at 14.3 percent — has certainly played a role in keeping the number of foreclosure filings up.”

 

Nevada had the ninth highest total in the nation in 2010. California continues to be the top state, reporting 546,669 properties with foreclosure filings. Florida came in second, tallying 485,286 properties with foreclosure filings. Arizona came third, reporting 155,878 properties with foreclosure filings. Illinois had the fourth highest total, tallying 151,304 properties with foreclosure filings. Michigan had the fifth highest total, reporting 135,874 properties with a foreclosure filing.

 

The remaining states in the nation’s Top 10 for 2010 were Georgia (130,966), Texas (118,923), Ohio (108,160) and New Jersey (64,808). The top five states accounted for 51 percent of all foreclosure filings in the nation for the month.

 

Lyon County posts state’s top foreclosure rate in 2010

Lyon County posted the top foreclosure rate in Nevada in 2010, with one in every nine housing units receiving a foreclosure filing — 5.2 times the national average. Clark County came in second, with one in every nine housing units receiving a foreclosure filing in 2010 — 4.9 times the national average. The next highest was Nye County, where one in every 10 housing units received a foreclosure filings during the year — 4.7 times the national average.

 

Clark County led the state in foreclosure activity in 2010

Clark County led Nevada in foreclosure activity, reporting 88,198 properties with foreclosure filings. Next highest was Washoe County, where 10,984 properties with foreclosure filings were reported. Lyon County was third highest, reporting 2,105 properties with foreclosure filings for the year. Nye County came in fourth, tallying 1,717 properties with foreclosure filings. Fifth highest total for the year was in Douglas County, where 1,006 properties with foreclosure filings were reported.

 

State the nation’s ninth largest contributor to total foreclosure activity in 2010

Nevada accounted for 4 percent of the 2,871,891 properties with foreclosure filings reported nationwide for 2010. Total U.S. activity increased by almost 2 percent from 2009, and was more than 23 percent above the level reported in 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

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: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

n/a

n/a

Nevada

37,180

2

33,522

0

35,456

106,160

11

4.23

n/a

 

 

 

 

 

 

 

 

 

 

Lyon

713

0

626

0

766

2,105

9

5.19

1.23

Clark

30,116

2

28,123

0

29,957

88,198

9

4.89

1.16

Nye

610

0

343

0

764

1,717

10

4.68

1.10

Washoe

4,520

0

3,573

0

2,891

10,984

16

2.75

0.65

Churchill

130

0

196

0

215

541

20

2.23

0.53

 

 

Nevada Top Foreclosure Totals by County: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg 2009

% Chg 2008

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

1.67

23.23

Nevada

37,180

2

33,522

0

35,456

106,160

11

-5.30

36.64

 

 

 

 

 

 

 

 

 

 

Clark

30,116

2

28,123

0

29,957

88,198

9

-7.02

31.20

Washoe

4,520

0

3,573

0

2,891

10,984

16

-0.35

61.77

Lyon

713

0

626

0

766

2,105

9

-1.22

57.09

Nye

610

0

343

0

764

1,717

10

4.95

85.62

Douglas

422

0

257

0

327

1,006

23

8.76

114.04

 

 

 

Nevada Top Foreclosure Rates By County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

n/a

n/a

Nevada

4,767

0

5,683

0

3,022

13,472

84

5.99

n/a

 

 

 

 

 

 

 

 

 

 

Lyon

56

0

167

0

54

277

66

7.62

1.27

Clark

4,050

0

4,761

0

2,599

11,410

71

7.05

1.18

Nye

67

0

72

0

74

213

77

6.46

1.08

Douglas

80

0

71

0

19

170

138

3.64

0.61

Washoe

439

0

515

0

233

1,187

151

3.32

0.55

 

 

Nevada Top Foreclosure Totals by County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 10

% Chg Dec 09

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

-1.75

-26.26

Nevada

4,767

0

5,683

0

3,022

13,472

84

18.48

14.42

 

 

 

 

 

 

 

 

 

 

Clark

4,050

0

4,761

0

2,599

11,410

71

21.59

12.86

Washoe

439

0

515

0

233

1,187

151

-1.49

26.68

Lyon

56

0

167

0

54

277

66

30.66

24.22

Nye

67

0

72

0

74

213

77

26.04

57.78

Douglas

80

0

71

0

19

170

138

42.86

11.84

 

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