NEVADA FORECLOSURES DECREASE 10 PERCENT IN JUNE

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Activity Up 280 Percent From a Year Ago; State’s Foreclosure Rate Nation’s Highest

 

IRVINE, Calif. – July 31, 2007 – Nevada documented 4,722 foreclosure filings in June, a 10 percent decrease from the previous month, but almost four times the number reported for June 2006, according to the latest RealtyTrac™ U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1 million properties from nearly 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

“Although foreclosure filings have decreased slightly in June, Nevada has registered the nation’s highest foreclosure rate for the first six months of 2007,” said James J. Saccacio, chief executive officer of RealtyTrac. “Home prices in Nevada are falling and defaults are rising — especially among homeowners with subprime mortgages.”

Nevada’s nation-leading foreclosure rate, one new foreclosure filing for every 175 households, was 4 times the national average. The state’s foreclosure total ranked 11th among the 50 states.

 

Clark County reports biggest foreclosure total

In Nevada, 90 percent of the state’s foreclosures were in Clark County with 4,355 foreclosure filings for in June. Washoe County documented the second highest total with 267 foreclosure filings. Lyonl and Nye counties tied for the third highest county total, with 26 filings each in the foreclosure pipeline during the month.

 

Highest foreclosure rate posted in Clark County

Clark County posted the highest foreclosure rate in Nevada for June, one foreclosure filing for every 138 households — 1.3 times the state average and 5.1 times the national average. Washoe County registered the second highest foreclosure rate, one foreclosure filing for every 539 households — 1.3 times the national average. Lyon County registered the third highest foreclosure rate, one foreclosure filing for every 549 households — 1.3 times the national average.

 

State makes significant contribution to national total

Total foreclosure filings in Nevada accounted for 3 percent of the 164,644 foreclosure filings nationwide in June. The national total was down 7 percent from the previous month but still up 87 percent from June 2006. The nation’s foreclosure rate decreased to one foreclosure filing for every 704 U.S. households for the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, by state and by county. RealtyTrac’s report includes properties in all three phases of foreclosure: Defaults — Notice of Default (NOD) and Lis Pendens (LIS); Auctions — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank).

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

                         Nevada Foreclosure Market by County – June 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

36,048

51,492

12,488

38,247

26,369

164,644

704

n/a

n/a

Nevada

2,791

1,271

0

0

660

4,722

175

4.02

n/a

 

 

 

 

 

 

 

 

 

 

Carson City

11

2

0

0

0

13

1,637

0.43

0.11

Churchill

5

7

0

0

3

15

649

1.09

0.27

Clark

2,563

1,201

0

0

591

4,355

138

5.11

1.27

Douglas

3

1

0

0

0

4

4,752

0.15

0.04

Elko

10

1

0

0

4

15

1,230

0.57

0.14

Lander

0

1

0

0

0

1

2,780

0.25

0.06

Lyon

20

3

0

0

3

26

549

1.28

0.32

Nye

20

4

0

0

2

26

613

1.15

0.29

Pershing

0

0

0

0

0

0

n/a

0.00

0.00

Washoe

159

51

0

0

57

267

539

1.31

0.33

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new construction properties, with more than 1.3 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit (www.realtytrac.com

 

###

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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