NEVADA FORECLOSURE ACTIVITY DOWN 3 PERCENT IN JUNE

IRVINE, Calif. – July 28, 2008 – Nevada documented 8,713 properties with foreclosure filings for June, a 3 percent decrease from the previous month, but still 85 percent above the level reported for June 2007, according to the latest RealtyTrac™ U.S. Foreclosure Market Report. One in every 122 Nevada households received a foreclosure filing during the month, the highest foreclosure rate among the 50 states and 4.1 times the national average.

 

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.

 

“Although Nevada’s foreclosure filings dipped slightly in June, activity is still well ahead of where it was just a year ago,said James J. Saccacio, chief executive officer of RealtyTrac. Homeowners who stretched their budget to buy a home with the expectation of refinancing their mortgages down the road are now trapped in a soft buyer’s market. The rising cost of gasoline, energy and food is adding to the turmoil, making it harder for them to stay afloat and keep up with their mortgage payments.

 

Total foreclosure filings in The Silver State ranked eighth highest in the nation, but were still well behind national leader California, which reported 68,666 properties with foreclosure filings for the month. Nevada’s total was also well behind second place Florida, which documented 40,351 properties with foreclosure filings. Ohio moved up into third place, reporting 13,194 properties with foreclosure filings. Arizona came in a close fourth, reporting 12,950 properties with foreclosure filings. Michigan fell to fifth place, reporting 12,025 properties with foreclosure filings for the month. The remaining states in the nation’s top 10 for total foreclosure filings in June were Texas, Georgia, Illinois and New York.

 

Clark County accounts for bulk of state foreclosure activity in June

Clark County continued to lead the state in total foreclosure activity in June, reporting 7,664 properties with foreclosure filings — 88 percent of all foreclosure filings statewide. Washoe County reported 698 properties with foreclosure filings, the second highest county total in the state for the month. Lyon County had the third highest foreclosure total, reporting 120 properties with foreclosure filings in June.

 

Clark County posts top foreclosure rate in June

With one in every 99 households receiving a foreclosure filing — five times the national average — Clark County tallied the state’s highest foreclosure rate in June. Lyon County had the second highest foreclosure rate, with one in every 145 households receiving a foreclosure filing — 3.5 times the national average. The third highest foreclosure rate was posted in Nye County, where one in every 150 households received a foreclosure filing — 3.3 times the national average.

 

State a major contributor to nation’s foreclosure total in June

Nevada accounted for 3 percent of the 252,363 properties with foreclosure filings reported nationwide in June. The national total represents a decrease of more than 3 percent from the previous month but is still 53 percent ahead of the total reported for June 2007. One in every 501 U.S. households 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 – June 2008

 

County

NOD

 

LIS

NTS

NFS

REO

Total Filings

1/every X HH (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

53,544

48,996

53,904

24,356

71,563

252,363

501

n/a

n/a

Nevada

4,495

0

1,085

0

3,133

8,713

122

4.09

n/a

 

 

 

 

 

 

 

 

 

 

Carson City

8

0

0

0

7

15

1,518

0.33

0.08

Churchill

20

0

1

0

2

23

462

1.08

0.26

Clark

3,893

0

975

0

2,796

7,664

99

5.07

1.24

Douglas

28

0

6

0

22

56

405

1.24

0.30

Elko

6

0

6

0

8

20

962

0.52

0.13

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

2

0

1

0

1

4

1,770

0.28

0.07

Lander

0

0

0

0

1

1

2,767

0.18

0.04

Lincoln

0

0

0

0

0

0

  n/a

0.00

0.00

Lyon

83

0

10

0

27

120

145

3.45

0.84

Mineral

0

0

0

0

0

0

  n/a

0.00

0.00

Nye

61

0

9

0

40

110

150

3.34

0.82

Pershing

0

0

0

0

1

1

2,382

0.21

0.05

Storey

0

0

0

0

0

0

  n/a

0.00

0.00

Washoe

394

0

77

0

227

698

250

2.00

0.49

White Pine

0

0

0

0

1

1

4,462

0.11

0.03

 

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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