Despite Nevada’s foreclosures dropping 31 percent in 2011 compared to 2010, the state’s 6-plus percent foreclosure rate was the highest in the country for the fifth consecutive year. Nevada’s 1 in 16 foreclosure filing rate is more than four times the national average of 1 in 69 (1.45 percent)
Which states had the highest foreclosure rates for 2011?
- Nevada: 6 percent (1 in 16 housing units received at least one foreclosure filing in 2011)
- Arizona: 4.14 percent (or 1 in 24)
- California: 3.19 percent (or 1 in 31)
- Georgia: 2.71 percent (or 1 in 37)
- Utah: 2.32 percent (or 1 in 43)
- Michigan: 2.21 percent
- Florida: 2.06 percent
- Illinois: 1.95 percent
- Colorado: 1.78 percent
- Idaho: 1.77 percent
Source: RealtyTrac® See the report here: 2011 Year-End Foreclosure Report: Foreclosures on the Retreat
Reno Ignoramus
These foreclosure numbers would have been a lot worse if not for AB 284, which essentially stopped foreclosure activity as of October 1. Basically, with only 9 months of foreclosures, Nevada was still the worse state in the nation. AB 284, however well intentioned, has been an unfortunate development. All it is accomplishing now is to delay the market’s inevitable cleansing. Those future foreclosures are out there, they are not going to vanish and dissolve, just because a very unfortunate piece of legislation is putting an artificial halt on foreclosures that will last until the law can amended next year.
Tom Joad
Because of AB 284, Nevada will be Number 50 in foreclosures in 2012. There may be 150 bank initiated forceclosures in Washoe County this year. Maybe.
In other words, let’s just take a sabatical from the market working out the dead weight. For almost two years. This law is a disaster for anybody who hopes to see the bottom reached and the slow crawl back commence.
Wiley
Yep, it’s going to look pretty damn strange when Nevada goes from being # 1 to being #50 in one year.
Sully
The minutes of the 2006 FOMC were released and you can see how “on top” of things the FED really was:
http://pragcap.com/the-men-women-pulling-the-levers
Transplant
“cleansing” – how very euphemistic. and that so-called cleansing is also “inevitable.” I’m not sure a creepier, more parasitic phrase could have been coined.
Cal
It will be interesting to see how RealtyTrac, the gurus of foreclosure statistics across the country, explain how Nevada goes from having the worst foreclosure statistics in the nation to the best in the course of 12 months.
Mashed potatos
Was there any state in the country that had fewer foreclosures commenced between October 1 and December 31 than Nevada?
Probably not. Because all of the sudden Nevada’s economy sprung to life? Unemployment fell to historic lows and everybody in default suddenly brought their mortgages current?
RI is absolutely correct. AB 284 is going to set back the market’s recovery by 2 years. How many thousands of foreclosures are going to pile up in the next 18 months until this law is amended?
Steve johnson
Transplant,
What better word than “cleansing” to describe the moral failure of an entire generation entitled to live beyond their means? Our great grandparents would say shame on us.
Transplant
You might be right about that, Steve johnson. Our great grandparents would have strung up every single one of the banksters by now.