Nevada foreclosure activity decreases by 8%

Foreclosure activity in August in Nevada may have plunged a few percent, but Nevada still posted the nation’s highest number of foreclosure filing, this according to data aggregator RealtryTrac.

According to Las Vegas-based SalesTraq, there is a continuous supply of home repos on the Las Vegas real estate market.

RealtryTrac reported that one in every 62 housing units in Nevada received a foreclosure filing for the month of August. This translates to 17,902 Nevada properties receiving foreclosure filing during the month of August.

RealtryTrac added that Nevada foreclosure data as of the month of August is 8 percent less as compared to the July foreclosure data. The August foreclosure data on Nevada is 53 percent up compared to data in August 2008. 

RealtyTrac defines foreclosure filings as default notices, scheduled auctions and bank repossessions.
 
Next to Nevada in terms of foreclosure rate is Florida. One in every 140 housing units in Florida received a foreclosure filing. California posted the nation’s 3rd highest foreclosure rate. One in every 144 housing units in California received a foreclosure filing. For the same period, Arizona posted the nation’s 4th highest foreclosure rate. In August, one in every 150 housing units in Arizona received a foreclosure filing.

RealtyTrac reported that in the entire U.S., one in 357 housing units received a foreclosure filing in August. This translates to 358,471 U.S. properties receiving foreclosure filings for the month of August. This data is one percent less as compared to the data in August of last year.

In a statement, chief executive officer of RealtyTrac James J. Saccacio said, “The August report demonstrates that there is still an ample supply of properties filling the foreclosure pipeline even while the outflow of bank-owned REO properties onto the resale market is being more carefully regulated.”

Saccacio added, “After hitting a high for the year in July, REOs dropped 13 percent in August, but we also saw a record high number of properties either entering default or being scheduled for a public foreclosure auction for the first time.”