NEVADA FORECLOSURE ACTIVITY UP 24 PERCENT IN MARCH

Foreclosure Rate Nation’s Highest; Statewide Filings Up 62 Percent From March 2007

 

IRVINE, Calif. – April 25, 2008 – Nevada documented 7,659 properties with foreclosure filings for March 2008, a 24 percent increase from the previous month, and up 62 percent from March 2007, according to the latest RealtyTrac™ U.S. Foreclosure Market Report. One in every 139 Nevada households received a foreclosure filing during the month, the highest foreclosure rate among the 50 states and 3.9 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.

Nevada’s economy is reeling from rising foreclosure activity both on a monthly and yearly basis,” said James J. Saccacio, chief executive officer of RealtyTrac. “For the fifteenth consecutive month Nevada has tallied the top foreclosure rate in the nation. Hugh job losses in the construction industry have helped push the unemployment rate to well above the national average, putting a huge drag on the Silver state’s economy.

Total foreclosure filings in Nevada ranked ninth highest in the nation, but were still well behind national leader California, which reported 64,711 properties with foreclosure filings in March. Florida had the nation’s second highest foreclosure total, reporting 30,254 properties with foreclosure filings for the month. Third place Ohio posted 11,273 properties with foreclosure filings, followed closely by fourth place Georgia which reported 11,047 properties with foreclosure filings. The remaining states in the nation’s top 10 foreclosure totals for March were Texas, Michigan, Arizona, Illinois and Colorado.

 

Clark County leads state with highest foreclosure activity in March

Clark County accounted for the bulk of the state’s foreclosure activity in March, reporting 6,783 properties with foreclosure filings — 89 percent of all foreclosure filings in the state. Washoe County reported 630 properties with foreclosure filings, the second highest county total in the state for the month. Douglas County had the third highest foreclosure total, reporting 54 properties with foreclosure filings for the month.

 

Top foreclosure rate posted in Clark County for March

Clark County also tallied the state’s highest foreclosure rate in March, with one in every 111 households receiving a foreclosure filing — 1.3 times the state average and 4.8 times the national average. Churchill County had the second highest foreclosure rate, with one in every 259 households receiving a foreclosure filing — 2.1 times the national average. The third highest rate was posted in Washoe County, where one in every 277 households received a foreclosure filing — nearly twice the national average.

 

State a major contributor to nation’s total in March

Total foreclosure filings in Nevada accounted for 3 percent of the 234,685 properties with foreclosure filings reported nationwide in March. The national total represents a 5 percent increase from the previous month and is 57 percent ahead of the total reported for March 2007. One in every 538 U.S. households received 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 by County – March 2008

 

County

NOD

 

LIS

NTS

NFS

REO

Total Filings

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

56,493

47,677

55,398

23,724

51,393

234,685

538

n/a

n/a

Nevada

5,029

0

1,003

0

1,627

7,659

139

3.87

n/a

 

 

 

 

 

 

 

 

 

 

Carson City

17

0

3

0

0

20

1,139

0.47

0.12

Churchill

29

0

5

0

7

41

259

2.08

0.54

Clark

4,411

0

913

0

1,459

6,783

111

4.83

1.25

Douglas

39

0

3

0

12

54

420

1.28

0.33

Elko

12

0

4

0

2

18

1,069

0.50

0.13

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

2

0

0

0

1

3

2,360

0.23

0.06

Lander

2

0

1

0

0

3

922

0.58

0.15

Lincoln

0

0

0

0

0

0

n/a

0.00

0.00

Lyon

32

0

5

0

13

50

348

1.55

0.40

Mineral

0

0

0

0

0

0

n/a

0.00

0.00

Nye

37

0

7

0

4

48

343

1.57

0.40

Pershing

6

0

0

0

0

6

397

1.36

0.35

Storey

0

0

0

0

0

0

n/a

0.00

0.00

Washoe

441

0

62

0

127

630

277

1.95

0.50

White Pine

1

0

0

0

1

2

2,231

0.24

0.06

 

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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