North Las Vegas foreclosures

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September 10, 2009

Foreclosure Activity Remains Near Record Level in August According to RealtyTrac(R) U.S. Foreclosure Market Report

Posted by vegasandre under Foreclosures/Bank Owned, Housing Bubble, Housing Prices, Las Vegas Foreclosures, Las Vegas REO, Las Vegas Real Estate, National Real Estate, North Las Vegas foreclosures, california foreclosures
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U.S. Foreclosure Activity Decreases Less Than 1 Percent From Record High in July Activity Up 18 Percent From August 2008 Despite Year-Over-Year Drop in REOs

IRVINE, Calif., Sept. 10 /PRNewswire/ — RealtyTrac(R) (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its August 2009 U.S. Foreclosure Market Report(TM), which shows foreclosure filings – default notices, scheduled auctions and bank repossessions – were reported on 358,471 U.S. properties during the month, a decrease of less than 1 percent from the previous month but still an increase of nearly 18 percent from August 2008. The report also shows one in every 357 U.S. housing units received a foreclosure filing in August.

“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,” said James J. Saccacio, chief executive officer of RealtyTrac. “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.”

Nevada, Florida, California post top state foreclosure rates

With one in every 62 housing units receiving a foreclosure filing in August, Nevada continued to document the nation’s highest state foreclosure rate despite an 8 percent decrease in foreclosure activity from the previous month. A total of 17,902 Nevada properties received a foreclosure filing during the month, still an increase of 53 percent from August 2008.

Florida documented the nation’s second highest state foreclosure rate, with one in every 140 housing units receiving a foreclosure filing, and California documented the nation’s third highest state foreclosure rate, with one in every 144 housing units receiving a foreclosure filing.

A 10 percent month-to-month decrease in foreclosure activity helped lower Arizona’s foreclosure rate from the nation’s third highest in July to fourth highest in August. One in every 150 Arizona housing units received a foreclosure filing in August – still more than twice the national average.

Other states with foreclosure rates ranking among the nation’s 10 highest were Michigan, Idaho, Utah, Colorado, Georgia and Illinois.

Six states account for more than 60 percent of national total

Six states accounted for 62 percent of the nation’s total foreclosure activity in August despite decreasing REOs in all six states. California REOs dropped 32 percent from the previous month, but the state continued to post the highest overall total of any state, with 92,326 properties receiving a foreclosure filing in August. California’s total was down 15 percent from the previous month and was also down 9 percent from August 2009 – the first year-over-year decrease in California foreclosure activity in RealtyTrac’s monthly reports.

A total of 62,401 Florida properties received foreclosure filings in August, the nation’s second highest state total and an increase of more than 10 percent from the previous month despite a 5 percent decrease in REO filings. Initial default notices in Florida increased 12 percent from the previous month, and scheduled auctions increased 13 percent from the previous month.

A new law in Michigan requiring lenders to file a separate public notice of default before scheduling a foreclosure auction boosted overall foreclosure activity numbers in the state for August. A total of 9,789 of the new default notices were reported in August, bringing the total number of Michigan properties receiving foreclosure filings to 19,359 for the month – a 134 percent spike from the previous month and third highest among the states. Michigan’s foreclosure rate leapfrogged from 19th highest in July to fifth highest in August.

With 17,902 properties receiving foreclosure filings in August, Nevada posted the nation’s fourth highest total despite a 24 percent decrease in REO filings from the previous month, and with 17,807 properties receiving foreclosure filings in August, Arizona posted the nation’s fifth highest total despite an 11 percent decrease in REO filings from the previous month.

Illinois REO filings decreased 15 percent from the previous month, but the state’s total of 13,078 properties receiving foreclosure filings was still sixth highest among all the states in August.

Other states with totals among the 10 highest in the country were Georgia (11,947), Ohio (11,368), Texas (11,261) and New Jersey (8,316).

Three states dominate top 10 metro foreclosure rates

Foreclosure filings were reported on 14,940 Las Vegas properties in August, one in every 53 housing units – more than 6.7 times the national average and the highest foreclosure rate among metro areas with a population of at least 200,000. The city’s foreclosure activity was down 11 percent from the previous month but still up 48 percent from August 2008.

With one in every 86 housing units receiving a foreclosure filing in August, the Reno-Sparks metro area joined Las Vegas in the top 10, posting the seventh highest metro foreclosure rate.

Six California metro areas documented foreclosure rates among the top 10 in August. Stockton posted the nation’s second highest metro foreclosure rate – one in every 74 housing units received a foreclosure filing – followed by Merced at No. 3 (one in 78), Riverside-San Bernardino-Ontario at No. 4 (one in 80), Vallejo-Fairfield at No. 5 (one in 82), Modesto at No. 6 (one in 84), and Bakersfield at No. 10 (one in 94).

Two Florida metro areas documented foreclosure rates among the top 10: Orlando-Kissimmee at No. 8 with one in every 87 housing units receiving a foreclosure filing, and Cape Coral-Fort Myers at No. 9 with one in every 88 housing units receiving a foreclosure filing.

 

 

September 8, 2009

North Las Vegas- Highest Foreclosure rate in nation

Posted by vegasandre under Foreclosures/Bank Owned, Housing Bubble, Las Vegas Foreclosures, Las Vegas REO, Las Vegas Real Estate, North Las Vegas foreclosures
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NLV could see ‘impossible’ foreclosure rate, says local analyst

BY VALERIE MILLER

The entire valley has been rocked by the recession, but North Las Vegas has likely been hardest hit. The city faces higher unemployment and more foreclosures compared with other communities in Clark County. One forecast reports that one in every 10 homes in North Las Vegas may face foreclosure.

That number startles Applied Analysis principal Jeremy Aguero, who was among four speakers, including new Mayor Shari Buck, at the eighth-annual Directions, an economic outlook forum produced by the North Las Vegas Chamber of Commerce and sponsored by the Business Press. The luncheon, attended by 300 business and community leaders, took place Aug. 27 at Aliante Station.

Aguero spoke first and shook the crowd up with a dizzying array of economic indicators.

“That is such a surreal statistic (that one in 10 homes could go into foreclosure), from an analyst’s point of view, that it is almost impossible,” he said after Directions. “But so many people are losing their homes; so many people overextended themselves that it is possible.”

One of every 24 homes in North Las Vegas is facing foreclosure, compared with one in every 46 homes in Clark County. One out of every 56 homes in Nevada has now received foreclosure notices, Aguero said.

“North Las Vegas is really the epicenter for foreclosure,” he said.

Analysts don’t expect quick fixes. Long-term revitalization prospects are bright, but “long term” in this case means 15 to 20 years from now, Aguero said. He predicts a rocky short-term economy for the city.

“If you look at North Las Vegas over the next five years, it is equal parts recession and recovery,” he said.

North Las Vegas’ unemployment rate is 14.8 percent, compared with 13.1 in the rest of Southern Nevada and 12.5 percent statewide.

“At 14.8 percent, it is arguably one of the worst unemployment rates in the nation,” Aguero said.

It gets worse: The actual unemployment rates are likely about 2.5 percentage points higher than the official statistics show, primarily due to re-entry of people into the job market, undocumented workers and those who have exhausted their unemployment benefits, Aguero said.

North Las Vegas’ work force also has a disproportionate number of people employed in construction. North Las Vegans have 17 percent of their jobs tied to construction, compared with 11 percent in the rest of the valley.

Buck hopes to improve conditions in the city. She is rolling out her plan to guide the city through the recession. In her first major speech as mayor, Buck gave the business community what they desperately needed: reassurance.

The mayor says she is working to recruit about 50 new companies and promised to help local businesses survive. She pointed to the closure of three Dunkin’ Donuts restaurants in the city and her own dry cleaner, which closed after consolidating, as a few of an increasing number of failures in North Las Vegas.

“I am going to work with the North Las Vegas Chamber of Commerce to put forward (ways) to help North Las Vegas businesses,” she said. “When we have everyone taking part, we keep their local businesses open so we don’t have to see the dry cleaner close up, so we don’t have to see the Dunkin’ Donuts close.”

Directions attendees also heard from First American Title Co. Vice President and Director of Public Relations Richard Lee and North Las Vegas Economic Development Manager Mike Majewski.

Buck’s speech was eagerly awaited by business leaders. As she took office in June, the makeup of the North Las Vegas City Council also changed. Companies wanted to know whether the new city government would be business-friendly, North Las Vegas Chamber Chairman and MedicWest Ambulance general manager John Wilson said before the event.

Buck’s speech was a statement of support for local companies. She pledged help from the city council and the chamber. She also promised to streamline the city’s development process.

Professional organizations and homebuilders “are looking to determine what is wrong so when the economy comes back, you won’t have those problems,” Buck said. “That is very important to me.”

She noted the reality checks offered by the forecasts of Aguero and Lee.

Lee wasn’t optimistic about local recovery coming soon. He said banks and homeowners share the responsibility for the real estate market collapse.

“We bought a house, got a second, financed that sucker and got a fancy car,” he told audience members. “It’s an interesting world we live in where your credit may not be worth more than the payments you make every month.”

Some good news: Housing prices for homes priced at less than $250,000 may have stabilized, Lee said.

“Anything under $250,000 is probably not going to go any lower,” he said. “We have more demand than we have inventory.”

Contact reporter Valerie Miller at vmiller@lvbusinesspress.com or 702-387-5286.