Foreclosure numbers for Nevada vary significantly, with reports of anywhere from 37,000 to 78,000 foreclosure filings in 2008.
In a project initiated by the Nevada Association of Realtors, it was determined that 24,679 notices of trustee sale were issued in all Nevada counties for which information was available in 2008, significantly fewer than the 78,000 reported by RealtyTrac.
It should be noted that many foreclosure reports include all phases of the process such as default notices, notices of auction and real estate-owned properties. In this context, foreclosure “filings” include properties that have been issued a notice of default, but have not been sold at auction.
“In fact, many homeowners who receive notices of default rectify the delinquency and are able to stay in their homes,” the Realtors association stated in its report.
A notice of trustee sale is a better indicator of an actual foreclosure than a notice of default because it indicates the homeowner was probably past the point of rectifying the situation, the report said.