NEVADA FORECLOSURE ACTIVITY UP 16 PERCENT IN AUGUST

Statewide Foreclosure Filings Up 89 Percent From August 2007; Rate Ranks No. 1

 

IRVINE, Calif. – Sept. 26, 2008 – Foreclosure filings were reported on 11,706 Nevada properties in August, an increase of 16 percent from the previous month, and 89 percent above the level reported for August 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 91 Nevada households received a foreclosure filing during the month, giving it 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 filings in August reached their highest level so far this year in Nevada, and are close to double the total from a year ago,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state is far from out of the woods yet, as the largest increases for the month were in properties going on the auction block and properties going back to the lender as REOs. Two key contributing factors to this continuing rise in foreclosure activity are an unemployment rate that far exceeds the national average and double-digit home price deflation.

 

Despite its high national ranking, total foreclosure activity in the Silver State was far below the level reported by national leader California which documented 101,724 properties with foreclosure filings in August. The state total is also well behind second place Florida, which reported 44,000 properties with foreclosure filings for the month. Arizona came in third, reporting 14,333 properties with foreclosure filings. Michigan was in fourth place, reporting 13,606 properties with foreclosure filings. The remaining states in the nation’s top 10 for total properties with foreclosure filings in August were Ohio, Texas, Illinois, Georgia and New Jersey.

 

Clark County dominates state in foreclosure activity and rate for August

Clark County continues to dominate in foreclosure activity, reporting 10,099 properties with foreclosure filings — 86 percent of all foreclosure activity in the state for August. The county also topped the list for county foreclosure rate for the month, reporting one in every 75 households received a foreclosure filing — 1.2 times the state average and 5.6 times the national average.

 

Lyon County came in a distant second for activity, reporting 199 properties with foreclosure filings for the month. The county reported a foreclosure rate of one in every 87 households receiving a foreclosure filing — on par with the state average and 4.8 times the national average.

 

Third highest total was documented in Nye County, which reported 149 properties with foreclosure filings during the month. With one in every 111 households receiving a foreclosure filing during the month, the county tallied the third highest county foreclosure rate in the state.

 

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

Nevada accounted for 4 percent of the 303,879 properties with foreclosure filings reported nationwide in August. The national total represents an increase of 12 percent from the previous month and is 27 percent ahead of the total reported for August 2007. The nation’s foreclosure rate increased to one in every 416 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 – August 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

United States

61,903

57,156

69,693

24,234

90,893

303,879

416

n/a

n/a

Nevada

5,037

0

2,612

0

4,057

11,706

91

4.57

n/a

 

 

 

 

 

 

 

 

 

Carson City

22

0

4

0

16

42

542

0.77

0.17

Churchill

15

0

2

0

10

27

394

1.06

0.23

Clark

4,219

0

2,349

0

3,531

10,099

75

5.55

1.22

Douglas

23

0

7

0

15

45

504

0.82

0.18

Elko

13

0

0

0

7

20

962

0.43

0.09

Esmeralda

0

0

0

0

0

0

n/a 

0.00

0.00

Eureka

2

0

0

0

0

2

530

0.78

0.17

Humboldt

3

0

3

0

2

8

885

0.47

0.10

Lander

3

0

2

0

0

5

553

0.75

0.16

Lincoln

0

0

0

0

0

0

n/a

0.00

0.00

Lyon

65

0

19

0

115

199

87

4.76

1.04

Mineral

0

0

0

0

0

0

n/a 

0.00

0.00

Nye

76

0

19

0

54

149

111

3.76

0.82

Pershing

0

0

1

0

1

2

1,191

0.35

0.08

Storey

0

0

1

0

2

3

599

0.69

0.15

Washoe

596

0

205

0

304

1,105

158

2.64

0.58

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).

 

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Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

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