NEVADA FORECLOSURE ACTIVITY DECREASES 11PERCENT IN SEPTEMBER

State’s Foreclosure Rate Nation’s Highest; Activity Up 187 Percent From a Year Ago

 

IRVINE, Calif. – Oct. 26, 2007 – Nevada documented 5,504 foreclosure filings in September, the 10th highest total in the nation. Foreclosure activity declined 11 percent from the previous month, but was still up 187 percent the number reported in September 2006, according to the latest RealtyTrac™ U.S. Foreclosure Market Report. The state led the nation with a foreclosure rate of one foreclosure filing for every 185 households — three times the national average.

 

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.

“Despite an 11 percent drop in foreclosure activity last month, Nevada has led the nation in foreclosure rate for nine consecutive months,” said James J. Saccacio, chief executive officer of RealtyTrac. “Tumbling home prices are making it harder for Nevada homeowners to refinance, and with an over-supply of unsold homes also difficult for them to sell their way out of foreclosure.”

Clark County reports biggest foreclosure total

In Nevada, 87 percent of all foreclosure activity for September was found in Clark County, reporting 4,800 foreclosure filings in all. Washoe County posted the second highest foreclosure total with 584 foreclosure filings. Douglas County documented the third highest foreclosure total with 26 foreclosure filings. Lyon County posted the fourth highest foreclosure total, with 25 filings, and Nye County came in fifth reporting 24 filings entering some stage of the foreclosure pipeline during the month.

 

Highest foreclosure rate for the month posted in Clark County

Clark County also tallied the highest foreclosure rate in Nevada for September, one foreclosure filing for every 150 households — 1.2 times the state average and 3.7 times the national average. Washoe County had the second highest rate, one foreclosure filing for every 288 households — 1.9 times the national average. Humboldt County posted the third highest rate, one foreclosure filing for every 414 households.

 

State makes significant contribution to national total

Total foreclosure filings in Nevada accounted for 2 percent of the 223,538 foreclosure filings reported nationwide in September. The national total represents an 8 percent decrease from the previous month, but is still 99 percent above the total reported for September 2006. The nation’s foreclosure rate decreased to one foreclosure filing for every 557 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 – September 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

47,234

63,405

21,925

51,172

39,802

223,538

557

n/a

n/a

Nevada

3,724

853

0

0

927

5,504

185

3.01

n/a

 

 

 

 

 

 

 

 

 

 

Carson City

5

6

0

0

1

12

1,884

0.30

0.10

Churchill

3

4

0

0

2

9

1,148

0.49

0.16

Clark

3,277

695

0

0

828

4,800

150

3.72

1.24

Douglas

20

2

0

0

4

26

851

0.65

0.22

Elko

0

1

0

0

0

1

19,066

0.03

0.01

Esmeralda

0

0

0

0

0

0

n/a 

0.00

0.00

Eureka

0

0

0

0

0

0

n/a 

0.00

0.00

Humboldt

10

3

0

0

4

17

414

1.35

0.45

Lander

0

0

0

0

0

0

n/a 

0.00

0.00

Lincoln

0

0

0

0

0

0

n/a 

0.00

0.00

Lyon

21

4

0

0

0

25

666

0.84

0.28

Mineral

0

0

0

0

0

0

n/a 

0.00

0.00

Nye

16

6

0

0

2

24

690

0.81

0.27

Pershing

2

0

0

0

0

2

1,190

0.47

0.16

Storey

1

0

0

0

2

3

585

0.95

0.32

Washoe

369

132

0

0

83

584

288

1.93

0.64

White Pine

0

0

0

0

1

1

4,451

0.13

0.04

 

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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