NEVADA FORECLOSURE ACTIVITY UP 9 PERCENT IN FEBRUARY

Foreclosure Activity Increases 156 Percent From February 2008

Foreclosure Rate Ranks No. 1 Among the States

 

IRVINE, Calif. – March 27, 2009 – Nevada reported 15,783 properties with foreclosure filings in February, a 9 percent increase from the previous month, and 156 percent above the level reported for February 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 70 Nevada housing units received a foreclosure filing during the month, 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.

 

“Nevada foreclosures rose again in February, keeping the state among the top ten most foreclosure affected states in the nation,” said James J. Saccacio, chief executive officer of RealtyTrac. “Contributing to the mounting foreclosure filings in Nevada is the 10.1 percent unemployment rate, which is the highest in more than two decades.”

 

Nevada had the fourth highest state total reporting 15,783 properties with foreclosure filings. The top three included California with 80,775 properties with foreclosure filings, Florida with 46,391 properties with foreclosure filings and Arizona which reported 18,119 properties with foreclosure filings. Illinois came in fifth reporting 14,218 properties with foreclosure filings for February. The remaining states in the nation’s top 10 for total properties with foreclosure filings in February were Michigan, Ohio, Texas, Georgia and Virginia.

 

Clark County accounted for most of the state’s foreclosure activity

Clark County led the state, reporting 13,100 properties with foreclosure filings for the month. Washoe County was second highest, reporting 1,656 properties with foreclosure filings. Third highest was Lyon County, reporting 599 properties with foreclosure filings. Nye was in fourth place, documenting 181 properties with foreclosure filings.

 

Lyon County posts top foreclosure rate

Lyon County reported the highest county foreclosure rate in Nevada for February, with one in every 30 housing units receiving a foreclosure filing — 2.3 times the state average and 14.7 times the national average. Clark County came in second, with one in every 60 housing units receiving a foreclosure filing — 7.3 times the national average. Nye County documented the third highest foreclosure rate, where one in every 92 housing units received a foreclosure filing in February — 4.8 times the national average.

 

Nevada fourth largest contributor to nation’s foreclosure total in February

Nevada accounted for 5 percent of the 290,631 properties with foreclosure filings reported nationwide in February. The national total represented a 6 percent increase in activity from the previous month and was 30 percent ahead of the total reported for February 2008. One in every 440 U.S. housing units 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 Data by County – February 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

54,064

55,509

78,234

28,729

74,095

290,631

440

n/a

n/a

Nevada

8,406

0

4,560

0

2,817

15,783

70

6.3

n/a

 

 

 

 

 

 

 

 

 

 

Carson City

46

0

18

0

13

77

298

1.48

0.23

Churchill

20

0

12

0

9

41

265

1.66

0.26

Clark

7,258

0

3,691

0

2,151

13,100

60

7.32

1.16

Douglas

48

0

23

0

10

81

287

1.53

0.24

Elko

17

0

7

0

4

28

694

0.63

0.10

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

3

0

5

0

4

12

608

0.72

0.11

Lander

1

0

0

0

0

1

2,757

0.16

0.03

Lincoln

0

0

0

0

0

0

 n/a

0.00

0.00

Lyon

219

0

350

0

30

599

30

14.69

2.33

Mineral

0

0

0

0

0

0

 n/a

0.00

0.00

Nye

80

0

63

0

38

181

92

4.80

0.76

Pershing

1

0

2

0

0

3

794

0.55

0.09

Storey

0

0

0

0

0

0

 n/a

0.00

0.00

Washoe

711

0

388

0

557

1,656

107

4.10

0.65

White Pine

2

0

1

0

1

4

1,121

0.39

0.06

 

About RealtyTrac Inc.

RealtyTrac (www.realtytrac.com) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting more than 3 million unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate.

Cited by thousands of media outlets each quarter — including all the major news networks, leading publications such as The Wall Street Journal, The New York Times, and USA TODAY, RealtyTrac’s foreclosure data also has been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures.

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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