Top Ten States and Cities For Foreclosure Filings - 8 News NOW

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Top Ten States and Cities For Foreclosure Filings

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UNLV Economics Professor Nasser Daneshvary, director of the university's Lied Institute for Real Estate Studies, estimates that banks have foreclosed on 75,000 homes in Clark County since 2008 and that there have also been about 20,000 short sales since then.


Top 10 Metro Areas

  1. Stockton, Calif.
  2. Modesto, Calif.
  3. Vallejo, Calif.
  4. Riverside, Calif.
  5. Las Vegas
  6. Saginaw, Mich.
  7. Sacramento, Calif.
  8. Cape Coral, Fla.
  9. Merced, Calif.
  10. Orlando, Fla.

Source: RealtyTrac.com, July - September, 2011


Foreclosures represent another category were Nevada leads the nation, with only 44 housing units for every foreclosure-related filing from July through September, according to RealtyTrac.com. The Las Vegas metro area also led the nation's cities in July-September with one filing per 39 housing units. Nevada had 25,900 filings during that three-month period, a number that includes notices of default, notices of trustee sales and properties repossessed by banks. That included 21,254 filings from the Las Vegas area. In September alone, Nevada had one filing for every 118 housing units, more than five times the national average of one filing per 605 homes.


Top 10 States

  1. Nevada
  2. California
  3. Arizona
  4. Florida
  5. Michigan
  6. Georgia
  7. Illinois
  8. Idaho
  9. Oregon
  10. Colorado

Source: RealtyTrac.com, July - September, 2011


In September Clark County had 7,942 filings, or one for every 103 homes. The city with the heaviest foreclosure activity by far is North Las Vegas, which had one filing for every 53 homes. By comparison Las Vegas had one filing per 110 homes and Henderson had one filing per 101 homes. Foreclosure filings, particularly default notices, declined sharply in October due to a new law effective Oct. 1 that forces banks to file certain paperwork with the county recorder before proceeding with a foreclosure. Las Vegas fell from the top spot in the rate of foreclosure to number five among the nation's metro areas due to the new law, RealtyTrac reported. But Nevada remained tops among states for the 58th straight month.

 

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