NEVADA FORECLOSURES INCREASE 12 PERCENT IN NOVEMBER

Activity Nearly Triples From Year Ago; State Posts Nation’s Highest Rate

 

IRVINE, Calif. – Dec. 11, 2006 – Nevada reported 2,506 properties entering some stage of the foreclosure process in November, a 12 percent increase from the 2,229 properties reported in October, and skyrocketing 189 percent from the 868 properties reported for the same month last year, according to the RealtyTrac™ U.S. Foreclosure Market Report. The state also posted the nation’s highest foreclosure rate for the month, reporting one new foreclosure filing for every 346 households — 2.8 times the national average.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 700,000 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 ascended to the nation’s top spot for foreclosure rate in November thanks to a number of factors that are dragging down this once-hot housing market” said James J. Saccacio, chief executive officer of RealtyTrac. “Weakened housing demand — particularly from investors — along with steep declines in homes sales volume and lower home price appreciation are all contributing to the state’s high foreclosure rate.”

 

Nevada ranked 15th in the nation in foreclosure filings for November, well behind first-place California, which reported 19,248 properties entering some stage of the foreclosure process.

 

“It’s a buyer’s market; it’s a great time to buy,” said Adam Hunt, a Las Vegas real estate agent. “It’s the old saying: you sell when people are dancing in the streets, and you buy when they are bleeding. It’s a blatant buyer market. I think everyone knows that.”

 

Clark County accounts for bulk of state activity

Clark County accounted for 95 percent of all foreclosure filings in Nevada for November, with 2,371 properties entering some stage of the foreclosure process. Other counties reporting significant totals included Washoe County, with 68 new filings, and Nye County, with 21 properties entering some stage of the foreclosure pipeline.

 

State’s highest foreclosure rate posted in Clark County

Clark County also reported the highest foreclosure rate in the state with one new foreclosure filing for every 253 households — 1.4 times the state average and 3.8 times the national average. The second highest foreclosure rate was reported in Storey County, with one new foreclosure filing for every 301 households — 1.2 times the state average and 3.2 times the national average.

 

State makes significant contribution to national total

Nevada’s foreclosure activity accounted for 2 percent of the 120,334 properties entering some stage of foreclosure nationwide in November. The national total represents a 4 percent increase from the 115,568 foreclosures reported in October. The nation’s foreclosure rate increased to one new foreclosure filing for every 961 households during 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: Pre-foreclosures — Notice of Default (NOD) and Lis Pendens (LIS); Foreclosures — 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 – November 2006

 

County Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

31,027

44,448

5,685

16,263

22,911

120,334

961

n/a

n/a

Nevada

1,976

489

0

0

41

2,506

346

2.77

n/a

 

 

 

 

 

 

 

 

 

 

Carson City

2

0

0

0

0

2

10,642

0.09

0.03

Churchill

1

1

0

0

2

4

2,433

0.39

0.14

Clark

1,890

447

0

0

34

2,371

253

3.80

1.37

Douglas

9

1

0

0

0

10

1,901

0.51

0.18

Elko

3

1

0

0

0

4

4,614

0.21

0.09

Humboldt

0

2

0

0

0

2

3,477

0.28

0.10

Lincoln

0

0

0

0

0

0

n/a 

0.00

0.00

Lyon

14

1

0

0

2

17

840

1.14

0.41

Nye

17

3

0

0

1

21

759

1.27

0.46

Storey

4

1

0

0

0

5

301

3.19

1.15

Washoe

34

32

0

0

2

68

2,117

0.45

0.16

White Pine

2

0

0

0

0

2

2,220

0.43

0.16

 

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 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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