August foreclosures dropped by 8%
Foreclosure activity in Nevada plunges by 8%
Data aggregator RealtryTrac reported that for the month of August, the foreclosure activity in Nevada decreased by 8 percent from the previous month. Despite this foreclosure dip, the data aggregator said Nevada still ranked number one in the nation’s foreclosure rates.
Las Vegas-based SalesTraq, meanwhile, reported that there is a continuous supply of home repos on the Las Vegas real estate market.
One in every 62 housing units in Nevada received a foreclosure filing for the month of August, this according to RealtryTrac. In the entire Nevada for the month of August, 17,902 housing units received a foreclosure filing–defined by RealtryTrac as default notice, scheduled auction and bank repossession.
RealtryTrac added that while Nevada posted an 8 percent decrease of foreclosure activity in August, this is still 53 percent up compared to data in August in the previous year.
Florida posted the nation’s second highest foreclosure rate, with one in every 140 housing units in Florida receiving a foreclosure filing. Next to Florida is California, with one in every 144 housing units in California receiving a foreclosure filing. Arizona, for the same period, posted the nation’s 4th highest foreclosure rate; with one in every 150 housing units in Arizona receiving a foreclosure filing.
For the entire country in the month of August, the data aggregator RealtyTrac reported that one in every 357 housing units received a foreclosure filing. This means that 358,471 U.S. properties received a foreclosure filing in the month of August. Compared to August of the previous year, this data is is one percent less.
“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,” James J. Saccacio, chief executive officer of RealtyTrac, in a statement said.
He further said, “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.”