Nevada Foreclosure Activity
Everyone is intersted in the foreclosure activity here in Nevada. A new article posted today by Realty Trac reveals the following:
Nevada Foreclosure Activity Up in Third Quarter
By RealtyTrac Staff
Total foreclosure filings up 10 percent from Q2, and up 59 percent from Q3 2008.
Nevada reported 47,925 properties with foreclosure filings in the third quarter of 2009, an increase of 10 percent from the previous quarter and 59 percent above the level reported in the third quarter of 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.
One in every 23 Nevada housing units received a foreclosure filing in the third quarter, the highest state foreclosure rate in the nation.
Foreclosure activity in the Silver State was up 5 percent in September from the previous month to 18,766 properties with foreclosure filings, and remained elevated on a yearly basis, up 44 percent from September 2008. The state’s foreclosure rate was highest in the nation for the month — with one in every 59 housing units receiving a foreclosure filing — 6.3 times the national average.
“Nevada foreclosures continued to climb during the third quarter,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in bank-owned properties, which jumped nearly 30 percent during the quarter. Nevada’s 13.3 percent unemployment rate is at a historic high and contributing to the rising foreclosure activity. Rising joblessness is making it harder for borrowers to meet mortgage payments.”
As it has for almost two years now, California continues to lead the nation in total foreclosure activity by a large margin on both a monthly and quarterly basis. For the third quarter, it reported 250,054 properties with foreclosure filings. Florida posted the second highest activity level — 156,924 properties with foreclosure filings. Arizona reported 50,342 properties with foreclosure filings, third highest level in the nation. Nevada came in fourth highest, reporting 47,925 properties with foreclosure filings during the quarter, while Illinois tallied the fifth highest total, documenting 37,270 properties with foreclosure filings. The top five states alone represented 58 percent of all foreclosure filings in the nation during the quarter.
For September, the nation’s top 5 states for total foreclosure filings were California (86,337), Florida (55,036), Nevada (18,766), Michigan (16,767), and Georgia (14,972). Activity in the top five states accounted for 58 percent of the nation’s foreclosure total in September.
Clark County posts state’s top foreclosure rate in third quarter
Clark County posted the highest county foreclosure rate in the state for the third quarter, with one in every 20 housing units receiving a foreclosure filing — seven times the national average. Lyon County was a close second, with one in every 20 housing units receiving a foreclosure filing during the quarter — 6.9 times the national average. Nye County posted the third highest foreclosure rate, where one in every 22 housing units received a foreclosure filing — 6.2 times the national average.
Five counties accounted for 99 percent of foreclosure activity for third quarter
Clark County led the way, tallying 40,408 properties with foreclosure filings for the quarter. Washoe County came in second highest, reporting 4,799 properties with foreclosure filings. Lyon County came in third, tallying 906 properties with foreclosure filings. Fourth highest for the quarter was Nye County, reporting 751 properties with foreclosure filings. Douglas County documented 386 properties with foreclosure filings, the state’s fifth highest foreclosure total in the quarter.
State contributes 5 percent to nation’s foreclosure activity for quarter and month
Nevada accounted for 5 percent of the 937,840 properties with foreclosure filings reported nationwide for the third quarter and 5 percent of the 343,638 properties with foreclosure filings reported for September. Total U.S. activity declined 5.4 percent between the second and third quarter of the year, but was up 23 percent from the third quarter of 2008. One in every 136 U.S. housing units received a foreclosure filing during the quarter, the highest quarterly foreclosure rate since RealtyTrac began issuing its report in 2005.
Report methodology
The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the county, state and national level. 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 filed against a property during the month — which is extremely rare — 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.
Nevada Top Foreclosure Rates by County – Q3 2009
|
County |
NOD |
LIS |
NTS |
NFS |
REO |
Total |
1/every X HU (rate) |
/Natl. Avg. |
/State Avg. |
|
|
|
|
|
|
|
|
|
|
|
|
United States |
153,255 |
188,986 |
263,957 |
94,590 |
237,052 |
937,840 |
136 |
n/a |
n/a |
|
19,949 |
0 |
16,329 |
0 |
11,647 |
47,925 |
23.00 |
5.93 |
n/a |
|
|
|
|
|
|
|
|
|
|
|
|
|
Clark |
16,788 |
0 |
13,615 |
0 |
10,005 |
40,408 |
20 |
6.99 |
1.18 |
|
Lyon |
368 |
0 |
313 |
0 |
225 |
906 |
20 |
6.88 |
1.16 |
|
Nye |
307 |
0 |
226 |
0 |
218 |
751 |
22 |
6.17 |
1.04 |
|
Washoe |
1,996 |
0 |
1,852 |
0 |
931 |
4,779 |
37 |
3.67 |
0.62 |
|
Churchill |
89 |
0 |
62 |
0 |
41 |
192 |
57 |
2.41 |
0.41 |
Nevada Top Foreclosure Totals by County – Q3 2009
|
County |
NOD |
LIS |
NTS |
NFS |
REO |
Total |
1/every X HU (rate) |
% Chg Q2 09 |
% Chg Q3 08 |
|
|
|
|
|
|
|
|
|
|
|
|
United States |
153,255 |
188,986 |
263,957 |
94,590 |
237,052 |
937,840 |
136 |
5.40 |
22.50 |
|
19,949 |
0 |
16,329 |
0 |
11,647 |
47,925 |
23.00 |
9.68 |
58.88 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Clark |
16,788 |
0 |
13,615 |
0 |
10,005 |
40,408 |
20 |
8.82 |
53.62 |
|
Washoe |
1,996 |
0 |
1,852 |
0 |
931 |
4,799 |
37 |
14.14 |
84.66 |
|
Lyon |
368 |
0 |
313 |
0 |
225 |
906 |
20 |
13.11 |
78.00 |
|
Nye |
307 |
0 |
226 |
0 |
218 |
751 |
22 |
10.93 |
147.85 |
|
Douglas |
166 |
0 |
121 |
0 |
99 |
386 |
60 |
5.75 |
139.75 |
Nevada Top Foreclosure Rates by County – Sept 2009
|
County |
NOD |
LIS |
NTS |
NFS |
REO |
Total |
1/every X HU (rate) |
/Natl. Avg. |
/State Avg. |
|
|
|
|
|
|
|
|
|
|
|
|
United States |
56,979 |
65,186 |
97,925 |
35,727 |
87,821 |
343,638 |
372 |
n/a |
n/a |
|
8,568 |
0 |
6,327 |
0 |
3,871 |
18,766 |
59 |
6.34 |
n/a |
|
|
|
|
|
|
|
|
|
|
|
|
|
Lyon |
250 |
0 |
210 |
0 |
109 |
569 |
32 |
11.80 |
1.86 |
|
Clark |
7,246 |
0 |
5,311 |
0 |
3,265 |
15,822 |
50 |
7.47 |
1.18 |
|
Nye |
93 |
0 |
105 |
0 |
69 |
267 |
62 |
5.99 |
0.94 |
|
Churchill |
66 |
0 |
53 |
0 |
26 |
145 |
75 |
4.98 |
0.79 |
|
Washoe |
777 |
0 |
560 |
0 |
320 |
1,657 |
107 |
3.47 |
0.55 |
Nevada Top Foreclosure Totals by County – Sept 2009
|
County |
NOD |
LIS |
NTS |
NFS |
REO |
Total |
1/every X HU (rate) |
% Chg Aug 09 |
% Chg Sept 08 |
|
|
|
|
|
|
|
|
|
|
|
|
United States |
56,979 |
65,186 |
97,925 |
35,727 |
87,821 |
343,638 |
372 |
-4.14 |
29.20 |
|
8,568 |
0 |
6,327 |
0 |
3,871 |
18,766 |
59 |
4.83 |
44.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Clark |
7,246 |
0 |
5,311 |
0 |
3,265 |
15,822 |
50 |
5.90 |
37.52 |
|
Washoe |
777 |
0 |
560 |
0 |
320 |
1,657 |
107 |
-20.57 |
44.09 |
|
Lyon |
250 |
0 |
210 |
0 |
109 |
569 |
32 |
505.32 |
712.86 |
|
Nye |
93 |
0 |
105 |
0 |
69 |
267 |
62 |
-24.15 |
126.27 |
|
Douglas |
68 |
0 |
53 |
0 |
38 |
159 |
146 |
40.71 |
89.29 |
