Las Vegas Sun

November 23, 2017

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Nevada bucks nationwide downward trend in foreclosures

Filings increase nearly 5 percent from previous month in state

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Bloomberg News

A foreclosed home is shown in the Silverado neighborhood of Las Vegas.

Residential mortgage foreclosure filings fell nationwide in September -- but not in Nevada.

Statistics released today by RealtyTrac of Irvine, Calif., show the numbers were up for Nevada and the state continued to lead the nation in foreclosure filings in both the third quarter and in September.

With unemployment running at 13.2 percent in the state, 18,766 foreclosure filings were reported in Nevada in September. These include default notices, scheduled auctions and bank repossessions.

The number of Nevada filings increased 4.8 percent from August and was up 44 percent from September 2008, RealtyTrac said.

Foreclosure filings were reported on 343,638 properties nationwide in September, a 4 percent decrease from the previous month but a 29 percent increase from September 2008.

For the third quarter, foreclosure filings were reported on 937,840 properties nationwide, a 5 percent increase from the previous quarter and an increase of nearly 23 percent from the year-ago quarter.

In Nevada, one in 23 housing units received a foreclosure filing in the third quarter — nearly six times the national average. The state was hit hard by the subprime mortgage crisis and then by the national recession that has reduced activity in the gaming and construction industries.

Foreclosure filings were reported on 47,925 Nevada properties during the quarter, an increase of nearly 10 percent from the previous quarter and up nearly 59 percent from the third quarter of 2008, RealtyTrac said.

Breaking down the numbers, RealtyTrac said bank repossessions and scheduled auctions were each up in Nevada in the third quarter vs. the second quarter, 29 percent and 26 percent respectively.

"Bank repossessions, or REOs, jumped 21 percent (nationwide) from the second quarter to the third quarter, corresponding to jumps in defaults and scheduled auctions in the previous two quarters," James Saccacio, chief executive officer of RealtyTrac, said in a statement. "REO activity increased from the previous quarter in all but two states and the District of Columbia, indicating that lenders may be starting to work through some of the pent-up foreclosure inventory caused by legislative delays, loan modification efforts and high volumes of distressed properties."

In Nevada, notices of default increased from 8,031 in August to 8,568 in September -- indicating banks still have plenty of inventory to work through locally.

Also in the top 10 for foreclosures in the third quarter were Arizona, California, Florida, Idaho, Utah, Georgia, Michigan, Colorado and Illinois.

Today's numbers compare to statistics issued by the Greater Las Vegas Association of Realtors last week showing that despite the flood of foreclosures, the median price of homes sold locally increased from $135,500 in August to $138,000 in September. (Condominium prices fell slightly, from $66,288 to $65,720.)

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