NEVADA FORECLOSURE ACTIVITY DOWN 4 PERCENT IN NOVEMBER

Filings Statewide Increase 109 Percent From November 2007; Rate Ranks No. 1

 

IRVINE, Calif. – Dec. 29, 2008 – Total foreclosure filings in Nevada dropped for the first time in several months, decreasing 4 percent in November to 13,962 properties with foreclosure filings, but still 109 percent ahead of the level reported in November 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 76 Nevada housing units received a foreclosure filing during the month, 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.

 

“Despite the slight decrease in November, Nevada’s foreclosure numbers are way up this year and well ahead of this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “After realizing the highest year-over-year home price decline of any state in the third quarter, it is no surprise that we saw a significant boost in home sales recently. Yet, the state still holds a sizable inventory of unsold homes and one of the top 10 unemployment rates in the country. So long as these trends continue, the state’s foreclosure crisis will persist.”

 

Foreclosure activity in the Silver State remained fourth highest in the nation for November, and was far below the level set by national leader California which reported 60,491 properties with foreclosure filings in November. Nevada was also well behind second place Florida, which reported 49,190 properties with foreclosure filings for the month. Michigan climbed from seventh to third highest for the month, documenting 14,594 properties with foreclosure filings. Arizona fell from third to fifth highest, reporting 13,136 properties with foreclosure filings. The remaining states in the nation’s top 10 for total properties with foreclosure filings in November were Ohio, Georgia, Illinois, Texas and Virginia.

 

Five counties lead state in foreclosure activity for November

Nearly all of Nevada’s foreclosure activity in November was focused in five counties. Clark County led the way once again, reporting 12,433 properties with foreclosure filings. Second highest total was in Washoe County, reporting 1,098 properties with foreclosure filings. Nye County was third, reporting 191 properties with foreclosure filings. Lyon County had the fourth highest total, documenting 118 properties with foreclosure filings, followed by Carson City, reporting 63 properties with foreclosure filings.

 

Clark County posts top foreclosure rate for November

With one in every 61 housing units receiving a foreclosure filing — 1.3 times the state average and eight times the national average — Clark County reported the highest foreclosure rate in the state in November. Second highest rate was reported in Nye County, where one in every 86 housing units received a foreclosure filing — 5.7 times the national average. Third highest rate was documented in Lyon County, where one in every 147 housing units received a foreclosure filing during the month — 3.3 times the national average.

 

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

Nevada accounted for 5 percent of the 259,085 properties with foreclosure filings reported nationwide in November. The national total represented a decrease of more than 7 percent from the previous month but was still 28 percent ahead of the total reported for November 2007. One in every 488 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 – November 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

39,416

53,827

64,136

23,527

78,179

259,085

488

n/a

n/a

Nevada

6,037

0

3,839

0

4,086

13,962

76

6.39

n/a

 

 

 

 

 

 

 

 

 

 

Carson City

20

0

17

0

26

63

361

1.35

0.21

Churchill

0

0

2

0

10

12

885

0.55

0.09

Clark

5,348

0

3,422

0

3,663

12,433

61

8.02

1.25

Douglas

1

0

1

0

0

2

11,347

0.04

0.01

Elko

18

0

2

0

5

25

770

0.63

0.10

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

5

0

3

0

0

8

885

0.55

0.09

Lander

3

0

1

0

0

4

692

0.70

0.11

Lincoln

0

0

0

0

0

0

 n/a

0.00

0.00

Lyon

7

0

9

0

102

118

147

3.31

0.52

Mineral

0

0

0

0

1

1

2,868

0.17

0.03

Nye

69

0

72

0

50

191

86

5.65

0.88

Pershing

3

0

3

0

1

7

340

1.43

0.22

Storey

0

0

0

0

0

0

 n/a

0.00

0.00

Washoe

563

0

307

0

228

1,098

159

3.07

0.48

White Pine

0

0

0

0

0

0

 n/a

0.00

0.00

 

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 homes, 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).

 

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Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

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