NEVADA FORECLOSURE ACTIVITY UP 64 PERCENT IN DECEMBER

State’s Foreclosure Rate Nation’s Highest; Activity Up 396 Percent From a Year Ago

 

IRVINE, Calif. – Jan. 25, 2008 – Nevada documented 10,979 foreclosure filings in December, a 64 percent increase from the previous month, and up 396 percent from the level reported for December 2006, according to the latest RealtyTrac™ U.S. Foreclosure Market Report.

 

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.

“Foreclosure activity in Nevada grew to its highest monthly total for 2007 in December, almost five times the activity reported for the same month last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment is hovering around the national average there, plus home prices are running negative and bankruptcy filings are up. Plus, if you consider homeowners who financed their home purchases using subprime mortgages that are now resetting to higher interest rates and investors who walked away from upside down properties you can see the problem.”

As it has throughout 2007, the Silver State had the nation-leading foreclosure rate for December, one new foreclosure filing for every 93 households — was more than six times the national average. The state’s foreclosure total ranked sixth among the 50 states.

 

Total foreclosure filings in Nevada were well behind national leader California, which tallied 53,292 foreclosure filings for December. Nevada also lagged far behind second ranked Florida, which reported 31,219 foreclosure filings for the month. Texas ranked third with 12,253 foreclosure filings. Ohio reported the nation’s fourth highest foreclosure total, with 12,066 foreclosure filings in some stage of the foreclosure pipeline. Michigan reported the nation’s fifth highest foreclosure total with 11,644 foreclosure filings in December. The remaining states in the nation’s top 10 foreclosure totals for the month included Illinois, Georgia, Arizona and Colorado.

 

Clark County reports biggest foreclosure total in December

Nearly 93 percent of all foreclosures in the state during December were reported in Clark County, with 10,255 foreclosure filings. Washoe County reported the second highest total in the state with 617 foreclosure filings. Nye County was far behind in third with a total 62 foreclosure filings. Carson City County posted the fourth highest total with 25 filings in the foreclosure pipeline during the month.

 

Highest foreclosure rate for the month posted by Clark County

Clark County also tallied the highest foreclosure rate in Nevada for December, one foreclosure filing for every 70 households — 1.3 times the state average and 8.2 times the national average. Nye County registered the second highest rate, one foreclosure filing for every 267 households — 2.2 times the national average. Washoe County came in third with a rate of one foreclosure filing for every 273 households — 2.1 times the national average.

 

State makes major contribution to national total for the month

Total foreclosure filings in Nevada accounted for 5 percent of the 215,749 foreclosure filings reported nationwide in December. The national total represents a 7 percent increase from the previous month, and is 97 percent above the total reported for December 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 577 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 – December 2007

 

County

NOD

NTS

NFS

LIS

REO

Total Filings

Households per Filing

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

46,182

54,280

18,488

47,945

48,854

215,749

577

n/a

n/a

Nevada

7,373

2,077

0

0

1,529

10,979

93

6.22

n/a

 

 

 

 

 

 

 

 

 

 

Carson City

22

2

0

0

1

25

904

0.64

0.10

Churchill

0

1

0

0

0

1

10,332

0.06

0.01

Clark

6,961

1,883

0

0

1,411

10,255

70

8.24

1.33

Douglas

9

1

0

0

3

13

1,701

0.34

0.05

Elko

2

3

0

0

0

5

3,813

0.15

0.02

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

0

0

0

0

0

0

n/a

0.00

0.00

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

0

0

0

0

0

0

n/a

0.00

0.00

Mineral

0

0

0

0

0

0

n/a

0.00

0.00

Nye

46

11

0

0

5

62

267

2.16

0.35

Pershing

0

0

0

0

1

1

2,380

0.24

0.04

Storey

0

0

0

0

0

0

n/a

0.00

0.00

Washoe

333

176

0

0

108

617

273

2.12

0.34

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 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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