NEVADA FORECLOSURE ACTIVITY UP 126 PERCENT IN 2008

More than 77,000 Properties Received Foreclosure Filings During The Year

 

IRVINE, Calif. – Jan. 28, 2009 – Foreclosure filings were reported on 77,693 Nevada properties in 2008, an increase of 126 percent from 2007 and a 530 percent increase from 2006, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The report also shows that 7.29 percent of all Nevada housing units received at least one foreclosure filing during the year, up from 3.38 percent in 2007.

 

The Silver State reported 15,039 properties with foreclosure filings in December, up 8 percent from the previous month and a 37 percent increase over December 2007.

 

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 activity more than doubled in Nevada during 2008 and has surged dramatically over the past two years,” said James J. Saccacio, chief executive officer of RealtyTrac. “Nevada, along with California, Florida and Arizona accounted for roughly half of the nation’s properties with foreclosure filings last year. Although home sales activity has risen recently, home prices are significantly depressed. The state’s unemployment rate is far above the national average, rising 3.5 percent during the year. Until these problems are resolved, foreclosure problems will continue to mount throughout the state.”

 

Three counties account for almost all of state’s foreclosure activity in 2008

Three Nevada counties accounted for 97 percent of all foreclosure activity in the state during 2008. Clark County led the way, reporting 67,223 properties with foreclosure filings for the year. Washoe County came in second highest, reporting 6,790 properties with foreclosure filings. Lyon County registered the third highest total, reporting 1,340 properties with foreclosure filings. Nye County came in a distant fourth, reporting 925 properties with foreclosure filings. Douglas County was fifth, documenting 470 properties with foreclosure filings.

 

Clark County posts state’s top foreclosure rate for 2008

With 8.89 percent of its housing units receiving at least one foreclosure filing during the year, Clark County posted the top foreclosure rate in the state for 2008. Lyon County had the second highest rate, with 7.70 percent of its housing units receiving at least one foreclosure filing. Third highest rate was in Nye County, where 5.61 percent of the housing stock received at least one foreclosure filing in 2008.

 

State a significant contributor to nation’s foreclosure total for 2008

Nevada accounted for 3 percent of the 2,330,483 properties with foreclosure filings reported nationwide in 2008. The national total represented an increase of more than 81 percent from the total reported for 2007. For the year 1.84 percent of all U.S. housing units received at least one foreclosure filing, up from 1.03 percent in 2007.

 

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 – Yearend 2008

 

Rate Rank

County

Total Properties With Foreclosure Filings

% Housing Units

(Foreclosure Rate)

% Change From 2007

 

 

 

 

 

n/a

United States

2,330,483

1.84

81.24

n/a

Nevada

77,693

7.29

125.74

 

 

 

 

 

7

Carson City

416

1.83

173.68

6

Churchill

219

2.06

226.87

1

Clark

67,223

8.89

121.23

5

Douglas

470

2.07

193.75

9

Elko

166

0.86

86.52

17

Esmeralda

0

0.00

 n/a

14

Eureka

4

0.38

n/a 

10

Humboldt

56

0.79

55.56

12

Lander

18

0.65

500.00

15

Lincoln

2

0.09

100.00

2

Lyon

1,340

7.70

247.15

16

Mineral

1

0.03

0.00

3

Nye

925

5.61

114.12

8

Pershing

25

1.05

525.00

11

Storey

13

0.72

n/a

4

Washoe

6,790

3.90

152.89

13

White Pine

25

0.56

66.67

 

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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