NEVADA FORECLOSURE ACTIVITY DOWN 18 PERCENT IN APRIL

Foreclosure Activity Up 111 Percent From April 2008; Highest Rate in Nation

 

IRVINE, Calif. – May 29, 2009 – Foreclosure filings were reported on 16,266 Nevada properties in April, an 18 percent decline from the previous month, but still 111 percent above the level reported for April 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 68 Nevada housing units received a foreclosure filing in April, the highest state foreclosure rate in the nation.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 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.

 

“Foreclosure activity in Nevada slowed down in April, but was still significantly up from a year ago,” said James J. Saccacio, chief executive officer of RealtyTrac. “Nevada’s unemployment rate rose in April to 10.6 percent — the highest level in a quarter century and well above the national jobless average of 8.9 percent.”

 

Nevada narrowly beat out Arizona for third highest total for the month, reporting 16,266 properties with foreclosure filings compared to Arizona’s 16,245 properties with foreclosure filings, the nation’s fourth highest total. California led the nation with 96,560 properties with foreclosure filings, leading second place Florida, reporting 64,588 properties with foreclosure filings. Illinois came in fifth highest, tallying 13,647 properties with foreclosure filings. Ohio, Georgia, Texas, Michigan and Virginia completed the nation’s top 10 for total properties with foreclosure filings in April.

 

Clark County accounts for most of the state’s foreclosure activity in April

Clark County led the state, reporting 14,073 properties with foreclosure filings for the month. Washoe County reported 1,383 properties with foreclosure filings, the state’s second highest county total. Nye County came in third highest, reporting 284 properties with foreclosure filings. Lyon County came in fourth, documenting 260 properties with foreclosure filings, while the fifth highest total was in Douglas County, where 123 properties with foreclosure filings were reported for the month.

 

Clark County post state’s top foreclosure rate in April

Clark County topped the list, with one in every 56 housing units receiving a foreclosure filing — 6.7 times the national average. Nye County had the second highest foreclosure rate, with one in every 58 housing units receiving a foreclosure filing — 6.4 times the national average. Lyon County documented the third highest foreclosure rate, where one in every 69 housing units received a foreclosure filing during the month — 5.4 times the national average.

 

State the third largest contributor to nation’s foreclosure total in April

Nevada accounted for 5 percent of the 342,038 properties with foreclosure filings reported nationwide in April. The national total represented a negligible increase in activity from the previous month but was still 32 percent ahead of the total reported for April 2008. One in every 374 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the county, state and national level. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default Notice of Default (NOD) and Lis Pendens (LIS); Auction 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). If more than one foreclosure document is filed against a property during the month — which is extremely rare — only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

 

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

 

           Nevada Foreclosure Market Data by County – April 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Mar 09

% Chg Apr 08

 

 

 

 

 

 

 

 

 

 

United States

65,456

76,608

100,559

35,512

63,903

342,038

374

0.25

32.25

Nevada

8,657

0

5,131

0

2,478

16,266

68

-18.05

111.25

 

 

 

 

 

 

 

 

 

 

Carson City

59

0

17

0

12

88

260

15.79

300.00

Churchill

0

0

0

0

5

5

2,170

-88.10

-16.67

Clark

7,558

0

4,478

0

2,037

14,073

56

-20.09

103.31

Douglas

63

0

33

0

27

123

189

-0.81

459.09

Elko

15

0

10

0

5

30

647

0.00

275.00

Esmeralda

0

0

0

0

0

0

 n/a

 n/a

 n/a

Eureka

0

0

0

0

0

0

 n/a

 n/a

 n/a

Humboldt

4

0

1

0

3

8

911

-20.00

100.00

Lander

0

0

0

0

0

0

 n/a

 n/a

-100.00

Lincoln

0

0

0

0

0

0

 n/a

 n/a

 n/a

Lyon

57

0

44

0

159

260

69

-13.04

251.35

Mineral

0

0

0

0

0

0

 n/a

 n/a

 n/a

Nye

112

0

130

0

42

284

58

26.79

330.30

Pershing

0

0

0

0

0

0

 n/a

-100.00

 n/a

Storey

2

0

1

0

0

3

608

 n/a

 n/a

Washoe

781

0

415

0

187

1,383

128

-3.22

140.52

White Pine

6

0

2

0

1

9

498

800.00

 n/a

 

About RealtyTrac Inc.

RealtyTrac (www.realtytrac.com) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting more than 3 million unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate.

Cited by thousands of media outlets each quarter — including all the major news networks, leading publications such as The Wall Street Journal, The New York Times, and USA TODAY, RealtyTrac’s foreclosure data also has been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures.

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Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

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