NEVADA FORECLOSURE ACTIVITY DOWN 45 PERCENT IN JANUARY

State’s Foreclosure Rate Nation’s Highest; Activity Up 95 Percent From a Year Ago

 

IRVINE, Calif. – Feb. 26, 2008 – Nevada documented 6,087 foreclosure filings in January, a 45 percent decrease from the previous month, but still up 95 percent from January 2007, according to the latest RealtyTrac™ U.S. Foreclosure Market Report. Once again the state led the nation with a foreclosure rate of one foreclosure filing for every 167 households, 3.2 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.

“Foreclosure activity in Nevada decreased in January but is still well ahead of the level of activity reported a year ago,” said James J. Saccacio, chief executive officer of RealtyTrac. “Home prices in Nevada have fallen 20 to 30 percent recently while home sales have slowed. This slowdown is causing an increase in inventory that is putting such a downward strain on the local real estate market and that foreclosure activity could shoot way up again if homeowners are unable to sell or refinance sometime soon.”

Nevada ranked 11th nationally in terms of total foreclosure activity for the month. Foreclosure filings in the Silver State were well behind national leader California which tallied 57,158 foreclosure filings in January. The state also lagged far behind second ranked Florida with 30,178 filings for the month. Texas ranked third with 14,698 foreclosure filings, followed by Ohio in fourth place with 12,785 filings for the month. Michigan and Georgia ran neck and neck with 10,746 filings and 10,665 filings respectively. The remaining states in the nation’s top 10 for total foreclosure filings in January were Arizona, Massachusetts, Illinois and Colorado.

 

Clark County number one in total filings and foreclosure rate in January

Clark County led the state in both total foreclosure activity and foreclosure rate in January, reporting 5,330 foreclosure filings or nearly 87 percent of all foreclosures in the state. The county had a foreclosure rate of one foreclosure filing for every 135 households — 1.2 times the state average and four times the national average.

 

Washoe County reported the second highest foreclosure total in the state with 562 foreclosure filings, and the second highest foreclosure rate, one foreclosure filing for every 300 households — 1.8 times the national average.

 

Lyon County was far behind in third with a total 48 foreclosure filings for the month. Nye County was close behind 47 filings. Douglas County rounded out the state’s top five with 36 filings in the foreclosure pipeline during the month.

 

Churchill County posted the third highest foreclosure rate in the state, one foreclosure filing for every 323 households — 1.6 times the national average. Lyon County came in fourth with a rate of one foreclosure filing for every 347 households and fifth place Nye County tallied a rate of one foreclosure filing for every 352 households.

 

State a major contributor to nation’s total in January

Total filings in Nevada accounted for 3 percent of the 223,001 foreclosure filings reported nationwide in January. The national total represents an 8 percent increase from the previous month, and is 57 percent above the total reported for January 2007. The nation’s foreclosure rate increased to one foreclosure filing for every 534 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 – January 2008

 

County

NOD

NTS

NFS

LIS

REO

Total Filings

Households per Filing

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

52,321

60,101

19,662

55,590

45,327

233,001

534

n/a

n/a

Nevada

4,513

550

0

0

1,024

6,087

167

3.19

n/a

 

 

 

 

 

 

 

 

 

 

Carson City

14

4

0

0

2

20

1,130

0.47

0.15

Churchill

16

8

0

0

8

32

323

1.66

0.52

Clark

3,951

476

0

0

903

5,330

135

3.97

1.24

Douglas

32

2

0

0

2

36

614

0.87

0.27

Elko

4

2

0

0

1

7

2,724

0.20

0.06

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

1

1

0

0

0

2

3,515

0.15

0.05

Lander

1

0

0

0

0

1

2,765

0.19

0.06

Lincoln

0

0

0

0

0

0

 n/a

0.00

0.00

Lyon

36

2

0

0

10

48

347

1.54

0.48

Mineral

0

0

0

0

0

0

 n/a

0.00

0.00

Nye

39

5

0

0

3

47

352

1.52

0.48

Pershing

0

0

0

0

0

0

 n/a

0.00

0.00

Storey

0

0

0

0

0

0

 n/a

0.00

0.00

Washoe

417

50

0

0

95

562

300

1.78

0.56

White Pine

2

0

0

0

0

2

2,226

0.24

0.08

 

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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