NEVADA FORECLOSURE ACTIVITY UP 21 PERCENT IN AUGUST

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Activity Increases 207 Percent From August 2006; Foreclosure Rate Nation’s Highest

 

IRVINE, Calif. – Sept. 21, 2007 – Nevada reported 6,197 foreclosure filings in August, up 21 percent increase from the previous month and the tenth highest foreclosure total in the nation. The monthly total is a 207 percent increase from August 2006, according to the latest RealtyTrac™ U.S. Foreclosure Market Report. The state led the nation with a foreclosure rate of one foreclosure filing for every 165 households — 3.1 times the national average.

 

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.

“For eight consecutive months now Nevada has posted the highest foreclosure rate in the nation,” said James J. Saccacio, chief executive officer of RealtyTrac. “Many factors are contributing to this such as bloated inventories of unsold housing, declining home prices and sluggish housing demand.”

Clark County reports most foreclosure activity for the month

Reporting 5,514 foreclosure filings, Clark County accounted for 89 percent of all foreclosures in the state for August. Washoe County posted the second highest total with 487 foreclosure filings. Lyon County documented the third highest total with 81 foreclosure filings. Nye County came in fourth with a total of 55 filings entering some stage of the foreclosure pipeline during the month.

 

Storey County posted state highest foreclosure rate for August

Storey County posted the highest foreclosure rate in Nevada for August, one foreclosure filing for every 70 households — 2.3 times the state average and 7.3 times the national average. Clark County registered the second highest rate, one foreclosure filing for every 130 households — 1.3 times the state average and 3.9 times the national average. Lyon County had the third highest rate, one foreclosure filing for every 206 households, followed by Nye County with the state’s fourth highest rate, one foreclosure filing for every 301 households, and fifth place Washoe County with one foreclosure filing for every 346 households.

 

State makes significant contribution to national total

Total foreclosure filings in Nevada accounted for 3 percent of the 243,947 foreclosure filings nationwide in August. The national total represents a 36 percent increase from the previous month and is up 115 percent from August 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 510 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 – August 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

56,388

67,632

24,810

52,328

42,789

243,947

510

n/a

n/a

Nevada

4,130

1,163

0

0

904

6,197

165

3.10

n/a

 

 

 

 

 

 

 

 

 

 

Carson City

6

6

0

0

1

13

1,739

0.29

0.09

Churchill

0

0

0

0

1

1

10,332

0.05

0.02

Clark

3,710

1,029

0

0

775

5,514

130

3.92

1.26

Douglas

6

2

0

0

2

10

2,211

0.23

0.07

Elko

3

1

0

0

3

7

2,724

0.19

0.06

Humboldt

0

1

0

0

0

1

7,030

0.07

0.02

Lyon

35

6

0

0

40

81

206

2.48

0.80

Nye

48

6

0

0

1

55

301

1.70

0.55

Pershing

0

1

0

0

0

1

2,380

0.21

0.07

Storey

2

23

0

0

0

25

70

7.27

2.34

Washoe

318

88

0

0

81

487

346

1.48

0.48

White Pine

2

0

0

0

0

2

2,226

0.23

0.07

 

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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