NEVADA FORECLOSURE ACTIVITY UP 11 PERCENT IN OCTOBER

Filings Statewide Increase 119 Percent From October 2007; Rate Ranks No. 1

 

IRVINE, Calif. – Nov. 26, 2008 – Foreclosure activity in Nevada fell one spot to fourth highest in the nation for October, reporting 14,483 properties with foreclosure filings, an 11 percent increase from the previous month and 119 percent ahead of the level reported in October 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 74 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.

 

“October was the fourth straight monthly increase in Nevada’s foreclosure activity which is more than double the level reported this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment within the state is now at a 10 year high, while homeowners are suffering from deflating home prices and lackluster home sales levels. These factors are all contributing to the heightened level of foreclosure activity being seen particularly in Clark County.

 

The Silver State’s foreclosure level was well below both national leader California, which reported 56,954 properties with foreclosure filings, Florida which reported 54,325 properties with foreclosure filings, the second highest state total in October. Arizona took over third place, reporting 17,507 properties with foreclosure filings for the month. Illinois moved up from seventh to fifth highest, reporting 12,681 properties with foreclosure filings. The remaining states in the nation’s top 10 for total properties with foreclosure filings in October were Ohio, Michigan, Georgia, Texas and New Jersey.

 

Clark County accounts for most of state’s foreclosure activity for October

Clark County accounted for more than 83 percent of the state’s activity for the month, reporting 12,155 properties with foreclosure filings. Washoe County came in second highest, reporting 1,285 properties with foreclosure filings. Lyon County ranked third highest, reporting 571 properties with foreclosure filings. Carson City County came in fourth place, documenting 155 properties with foreclosure filings, followed by fifth place Nye County, reporting 154 properties with foreclosure filings.

 

Lyon County post state’s top foreclosure rate for October

With one in every 30 housing units receiving a foreclosure filing during the month — 2.4 times the state average and 14.8 times the national average — Lyon County posted the highest foreclosure rate in the state. Second highest rate was reported in Clark County, where one in every 62 housing units received a foreclosure filing — 1.2 times the state average and 7.3 times the national average. Third highest rate was documented in Nye County, where one in every 107 housing units received a foreclosure filing during the month — 4.2 times the national average.

 

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

Nevada accounted for 5 percent of the 279,561 properties with foreclosure filings reported nationwide in October. The national total represented an increase of more than 5 percent from the previous month and was almost 25 percent ahead of the total reported for October 2007. The nation’s foreclosure rate rose to one in every 452 U.S. housing units receiving 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 – October 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

United States

36,036

66,033

66,319

26,305

84,868

279,561

452

n/a

n/a

Nevada

6,736

0

4,192

0

3,555

14,483

74

6.14

n/a

 

 

 

 

 

 

 

 

 

Carson City

52

0

81

0

22

155

147

3.08

0.50

Churchill

27

0

16

0

19

62

171

2.64

0.43

Clark

5,738

0

3,441

0

2,976

12,155

62

7.26

1.18

Douglas

35

0

10

0

18

63

360

1.25

0.20

Elko

8

0

2

0

10

20

962

0.47

0.08

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

4

0

2

0

0

6

1,180

0.38

0.06

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

168

0

302

0

101

571

30

14.83

2.41

Mineral

0

0

0

0

0

0

 n/a

0.00

0.00

Nye

81

0

26

0

47

154

107

4.22

0.69

Pershing

2

0

0

0

0

2

1,191

0.38

0.06

Storey

1

0

0

0

1

2

899

0.50

0.08

Washoe

615

0

309

0

361

1,285

136

3.33

0.54

White Pine

5

0

3

0

0

8

558

0.81

0.13

 

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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