by Dana Gentry, Nevada Current
Nevada is second only to Illinois in the number of mortgage defaults filed last month. In Illinois, one of every 1,959 housing units is in a stage of the foreclosure process, and in Nevada one in every 2,473 units in default, according to ATTOM, a real estate data and marketing research firm.
Nevada had 518 properties in a stage of foreclosure in September, up 37% from a year ago and 66% from last year.
The Las Vegas valley had 470 properties in foreclosure in September, up 66% from a year ago and 37% from last month. Reno had 34 in default, up 89% from a year ago and 55% from last month.
For the third quarter, Nevada had the sixth highest foreclosure rate in the nation, with 1,241 of its 1.28 million housing units in default. That’s less than 0.1%.
By comparison, in 2007, Nevada led the nation with 3.4% of its housing units in foreclosure, Reuters reported at the time.
George McCabe, spokesman for Las Vegas Realtors, says the association’s data indicates foreclosures are still “near historically low levels.”
“LVR reported that short sales and foreclosures combined accounted for 0.1% of all existing local property sales in September,” says the association’s report for last month. “That compares to 0.4% one year ago, 1.0% of all sales two years ago, 2.0% of all sales three years ago, 2.5% four years ago and 5.2% five years ago…”
The median price of a home in Las Vegas was $450,000 last month. That’s unchanged from August but up 10.7% from last year, according to LVR.
1,094 of the 917,656 housing units (0.12%) in the Las Vegas valley had a foreclosure filing in the third quarter of this year, up 17% from last quarter and 42% from a year ago.
Home prices in Reno have slid to levels seen a year ago. The median price in September was $535,000, down 5.3% from August and up 0.5% from last year.
75 of the 207,209 housing units in Reno had a foreclosure filing. That’s down 53% from last quarter, and up 88% from a year ago.
Sales have plummeted throughout the state and much of the nation as buyers recoil from rising interest rates.
California led the nation in third quarter foreclosure starts (7,368 foreclosure starts), followed by Florida (6,671 foreclosure starts), Texas (6,217 foreclosure starts), Illinois (4,702 foreclosure starts), and New York (3,997 foreclosure starts).
Nationwide 92,634 properties had foreclosure filings in the third quarter, up 3% from the previous quarter and 104% from a year ago.
Some 31,836 U.S. properties had foreclosure filings in September 2022, down 8% from August, but up 62% from a year ago.
Experts say foreclosures are unlikely to spike, given the nation’s shortage of housing units.
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