NEVADA FORECLOSURE ACTIVITY UP 1 PERCENT IN FEBRUARY

Foreclosure Rate Nation’s Highest; Activity Up 68 Percent From a Year Ago

 

IRVINE, Calif. – March 26, 2008 – Nevada documented 6,167 properties with foreclosure filings for February 2008, a 1 percent increase from the previous month, and up 68 percent from February 2007, according to the latest RealtyTrac™ U.S. Foreclosure Market Report. One in every 167 Nevada households received a foreclosure filing during the month, the highest foreclosure rate among the states and 3.4 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.

Nevada’s foreclosure rate leads the nation and is three times the national average in foreclosure activity,” said James J. Saccacio, chief executive officer of RealtyTrac. “In Nevada, more homes are repossessed by lenders than are sold. And prices have depreciated so dramatically that many homeowners owe more on their homes than what they are worth. These two factors will only increase the number of Nevada foreclosures in the months ahead.

Total foreclosure filings in Nevada ranked 10th highest in the nation, but were still well behind national leader California, which tallied 53,629 properties with foreclosure filings for February. Nevada also lagged far behind second place Florida, which reported 32,447 properties with foreclosure filings for the month, while third place Texas had 12,261 properties with foreclosure filings. Michigan properties with foreclosure filings totaled 10,957 for the fourth highest total, followed closely by Ohio reporting 10,386 properties with foreclosure filings, the nation’s fifth highest total. The remaining states in the nation’s top 10 for foreclosure filings in February were Arizona, Illinois, Georgia and Colorado.

 

Clark County leads state with highest foreclosure activity and rate in February

Clark County accounted for the bulk of the state’s foreclosure activity in February, reporting 5,495 properties with foreclosure filings — 89 percent of all foreclosures in the state. The county also tallied the state’s highest foreclosure rate for the month, with one in every 131 households receiving a foreclosure filing — 1.3 times the state average and 4.3 times the national average.

 

Washoe County reported 480 properties with foreclosure filings, the second highest county total in the state for the month. The county also had the third highest foreclosure rate in the state with one in every 351 households receiving a foreclosure filing — 1.6 times the national average.

 

Nye County documented the third highest foreclosure total, reporting 69 properties with foreclosure filings. The county also posted the state’s second highest foreclosure rate, with one in every 240 households receiving a foreclosure filing — 2.3 times the national average.

 

State a major contributor to nation’s total in February

Total filings in Nevada accounted for 3 percent of the 223,651 properties with foreclosure filings reported nationwide in February. The national total represents a 4 percent decrease from the previous month, but is still 60 percent ahead of the total reported for February 2007. One in every 557 U.S. households received a foreclosure filing during 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 – February 2008

 

County

NOD

NTS

NFS

LIS

REO

Total Filings

Households per Filing

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

50,813

53,319

20,132

52,879

46,508

223,651

557

n/a

n/a

Nevada

4,367

737

0

0

1,063

6,167

165

3.37

n/a

 

 

 

 

 

 

 

 

 

 

Carson City

16

1

0

0

3

20

1,130

0.49

0.15

Churchill

1

0

0

0

0

1

10,332

0.05

0.02

Clark

3,859

671

0

0

965

5,495

131

4.26

1.26

Douglas

23

5

0

0

2

30

737

0.76

0.22

Elko

12

2

0

0

2

16

1,192

0.47

0.14

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

0

0

0

5

1,406

0.40

0.12

Lander

1

0

0

0

0

1

2,765

0.20

0.06

Lincoln

0

0

0

0

0

0

 n/a

0.00

0.00

Lyon

30

5

0

0

9

44

378

1.47

0.44

Mineral

0

0

0

0

0

0

 n/a

0.00

0.00

Nye

51

7

0

0

11

69

240

2.32

0.69

Pershing

6

0

0

0

0

6

397

1.40

0.42

Storey

0

0

0

0

0

0

 n/a

0.00

0.00

Washoe

363

46

0

0

71

480

351

1.59

0.47

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 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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