NEVADA FORECLOSURE ACTIVITY UP 1 PERCENT IN NOVEMBER

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

State’s Foreclosure Rate Nation’s Highest; Activity Up 167 Percent From a Year Ago

 

IRVINE, Calif. – Dec. 19, 2007 – Nevada documented 6,694 foreclosure filings in November, a 1 percent increase from the previous month and a 167 percent increase from November 2006, according to the latest RealtyTrac™ U.S. Foreclosure Market Report.

 

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 was basically flat in November,” said James J. Saccacio, chief executive officer of RealtyTrac. “But overbuilding in the housing sector, combined with homebuyers who used risky subprime adjustable rate mortgages to purchase homes, is pushing many borrowers in the Silver State into foreclosure.”

Nevada’s nation-leading foreclosure rate, one new foreclosure filing for every 152 households, was more than four times the national average. The state’s foreclosure total ranked eighth among the 50 states.

 

Total foreclosure filings in Nevada were well behind national leader California, which tallied 39,992 foreclosure filings for November. Nevada also lagged far behind second ranked Florida, which reported 29,238 foreclosure filings for the month. Ohio ranked third with 16,308 foreclosure filings. Texas reported the nation’s fourth highest foreclosure total, with 11,599 foreclosure filings in some stage of the foreclosure pipeline. Michigan reported the nation’s fifth highest foreclosure total, with 11,464 foreclosure filings in November. Georgia posted the nation’s sixth highest foreclosure total, with 8,968 foreclosure filings. Illinois reported the nation’s seventh highest foreclosure total, with 8,238 foreclosure filings for November. Ninth place Colorado reported 6,425 foreclosure filings for the month, followed by New York, which posted 5,794 foreclosure filings.

 

Clark County reports biggest foreclosure total

In Nevada, nearly 88 percent of foreclosures in November were in just one county — Clark County, which documented 5,884 foreclosure filings in November. Washoe County posted the second highest foreclosure total, with 549 foreclosure filings. Lyon County documented the third highest foreclosure total, with 113 foreclosure filings. Nye County posted the fourth highest foreclosure total, with 62 filings in the foreclosure pipeline during the month.

 

Clark County leads state in foreclosure rate

Clark County also tallied the highest foreclosure rate in Nevada for November, one foreclosure filing for every 122 households — 5.1 times the national average. Lyon County registered the second highest foreclosure rate, with one foreclosure filing for every 147 households — 4.2 times the national average. Nye County registered the third highest foreclosure rate, one foreclosure filing for every 267 households — 2.3 times the national average.

 

State makes contribution to national total

Total foreclosure filings in Nevada accounted for 3 percent of the 201,950 foreclosure filings reported nationwide in November. The national total represents a 10 percent decrease from the previous month, but is still 68 percent above the total reported for November 2006. The nation’s foreclosure rate decreased to one foreclosure filing for every 617 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 – November 2007

 

County

NOD

NTS

NFS

LIS

REO

Total Filings

Households per Filing

/National Average

/State Average

 

 

 

United States

35,096

51,696

20,269

48,451

46,438

201,950

617

n/a

n/a

Nevada

3,853

1,470

0

0

1,371

6,694

152

4.04

n/a

 

 

 

 

 

 

 

 

 

Carson City

14

2

0

0

3

19

1,190

0.52

0.13

Churchill

0

0

0

0

1

1

10,332

0.06

0.01

Clark

3,305

1,352

0

0

1,227

5,884

122

5.05

1.25

Douglas

37

4

0

0

5

46

481

1.28

0.32

Elko

5

2

0

0

0

7

2,724

0.23

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

2

0

0

0

0

2

3,515

0.18

0.04

Lander

0

0

0

0

0

0

n/a 

0.00

0.00

Lincoln

0

0

0

0

0

0

n/a 

0.00

0.00

Lyon

69

3

0

0

41

113

147

4.19

1.03

Mineral

0

0

0

0

0

0

n/a 

0.00

0.00

Nye

48

8

0

0

6

62

267

2.31

0.57

Pershing

1

0

0

0

1

2

1,190

0.52

0.13

Storey

0

0

0

0

0

0

n/a 

0.00

0.00

Washoe

364

99

0

0

86

549

307

2.01

0.50

White Pine

8

0

0

0

1

9

495

1.25

0.31

 

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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