NEVADA FORECLOSURE ACTIVITY UP 11 PERCENT IN SEPTEMBER

Filings Statewide Increase 137 Percent From September 2007; Rate Ranks No. 1

 

IRVINE, Calif. – Oct. 27, 2008 – Nevada reported 13,022 properties with foreclosure filings in September, an 11 percent increase from the previous month and 137 percent above the total reported in September 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 82 Nevada households 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.

 

“Foreclosure levels in Nevada reached a new monthly high for the year in September, roughly double the level they were back in February when the state first entered our top 10 for total foreclosure filings,” said James J. Saccacio, chief executive officer of RealtyTrac. “Like in many other states home sales are starting to show signs of moving forward, however that is due in large part to a glut of foreclosure inventory on the marketplace selling at vastly discounted prices. Plus home prices around the state are still down by double-digit levels on a yearly basis. That, combined with unemployment, which is up almost two percent so far this year, and well above the national average, are contributing to the continued rise in foreclosures we are seeing in Nevada.

 

Despite the monthly increase, foreclosure activity the Sunshine State is still far below national leader California which reported 69,548 properties with foreclosure filings for the month. The state stood firmly in second place, well ahead of Nevada which reported 13,022 properties with foreclosure filings, the third highest total in September. Arizona dropped down one notch to fourth highest, documenting 12,982 properties with foreclosure filings. Ohio ranked fifth, reporting 11,470 properties with foreclosure filings. The remaining states in the nation’s top 10 for total properties with foreclosure filings in September were Michigan, Illinois, Georgia, Texas and New Jersey.

 

Clark County leads the pack in foreclosure activity for September  

Clark County accounted for 88 percent of all foreclosure filings in the state for September, reporting 11,505 properties with foreclosure filings. Washoe County came in a distant second, reporting 1,150 properties with foreclosure filings for the month. Nye County documented the third highest foreclosure level in the state, reporting 118 properties with foreclosure filings. The remaining counties with significant foreclosure totals for the month included fourth place Douglas County, reporting 84 properties with foreclosure filings, followed by Lyon County in fifth place, reporting 70 properties with foreclosure filings during the month.

 

Clark County posts top foreclosure rate in the state for September

Clark County also posted the highest county foreclosure rate in the state for September, with one in every 66 households receiving a foreclosure filing during the month. Nye County reported the second highest foreclosure rate, where one in every 140 households received a foreclosure filing during the month. Washoe County ranked the third highest county foreclosure rate, with one in every 152 households receiving a foreclosure filing.

 

State a significant contributor to nation’s foreclosure total in September

Nevada accounted for 5 percent of the 265,968 properties with foreclosure filings reported nationwide in September. The national total represents a decrease of more than 12 percent from the previous month but is still 21 percent ahead of the total reported for September 2007. The nation’s foreclosure rate decreased to one in every 475 U.S. households 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 – September 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

39,828

58,606

61,442

24,780

81,312

265,968

475

n/a

n/a

Nevada

6,253

0

3,472

0

3,297

13,022

82

5.81

n/a

 

 

 

 

 

 

 

 

 

 

Carson City

12

0

2

0

13

27

843

0.56

0.10

Churchill

11

0

12

0

3

26

409

1.16

0.20

Clark

5,570

0

3,054

0

2,881

11,505

66

7.23

1.24

Douglas

49

0

12

0

23

84

270

1.76

0.30

Elko

15

0

3

0

5

23

836

0.57

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

1

9

787

0.60

0.10

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

27

0

10

0

33

70

248

1.91

0.33

Mineral

0

0

0

0

0

0

 n/a

0.00

0.00

Nye

39

0

16

0

63

118

140

3.40

0.59

Pershing

1

0

0

0

1

2

1,191

0.40

0.07

Storey

3

0

3

0

2

8

225

2.11

0.36

Washoe

521

0

357

0

272

1,150

152

3.13

0.54

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).

 

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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