NEVADA FORECLOSURES INCREASE 20 PERCENT IN OCTOBER

Foreclosure Rate Nation’s Highest; Activity Up 197 Percent From a Year Ago

 

IRVINE, Calif. – Nov. 26, 2007 – Nevada documented 6,618 foreclosure filings, the eighth highest total in the nation for October. Total foreclosure activity represented a 20 percent increase from the previous month, and a 197 percent increase from October 2006, according to the latest RealtyTrac™ U.S. Foreclosure Market Report. The state’s foreclosure rate, one foreclosure filing for every 154 households, more than triple the national average, was the nation’s highest for the month.

 

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 has led the nation in foreclosure rate every month so far in 2007, and has been in the nation’s top 10 states for total foreclosure filings in five out of the past six months,” said James J. Saccacio, chief executive officer of RealtyTrac. Clark County by itself, which includes hard hit Las Vegas, accounts for 90 percent of the state’s growing foreclosure filings.”

Total foreclosure filings in Nevada were well behind national leader California which reported 50,401 foreclosure filings for October. The state also lagged far behind second ranked Florida which reported 30,190 foreclosure filings for the month. Ohio ranked third with 17,276 foreclosure filings. Michigan reported the nation’s fourth highest total with 13,415 foreclosure filings. Texas reported the nation’s fifth highest foreclosure total with 12,288 foreclosure filings. The remaining states in the nation’s top 10 in foreclosure activity for October were Georgia, Illinois, New York and Arizona.

 

Clark County reports biggest foreclosure total in state

Clark County documented the highest foreclosure total in the state with 5,968 foreclosure filings in October. Washoe County tallied the second highest total with 455 foreclosure filings, followed by Nye County with 79 foreclosure filings, the third highest county total. Lyon County reported the fourth highest foreclosure total with 41 filings entering some stage of the foreclosure pipeline during the month.

 

Clark County posts state in foreclosure rate

Clark County also posted the highest foreclosure rate in Nevada for October, one foreclosure filing for every 120 households — 1.3 times the state average and 4.6 times the national average. Nye County registered the second highest foreclosure rate, one foreclosure filing for every 209 households — 2.6 times the national average. Washoe County reported the third highest rate in the state, one foreclosure filing for every 370 households — 1.5 times the national average.

 

State makes significant contribution to national total

Total foreclosure filings in Nevada accounted for 3 percent of the 224,451 foreclosure filings reported nationwide in October. The national total represents a 2 percent increase from the previous month, and is 94 percent above the total reported for October 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 555 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 – October 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

41,404

58,598

22,485

48,356

53,609

224,452

555

n/a

n/a

Nevada

3,678

1,781

0

0

1,159

6,618

154

3.60

n/a

 

 

 

 

 

 

 

 

 

 

Carson City

15

1

0

0

1

17

1,330

0.42

0.12

Churchill

0

0

0

0

1

1

10,332

0.05

0.01

Clark

3,281

1,648

0

0

1,039

5,968

120

4.61

1.28

Douglas

24

4

0

0

7

35

632

0.88

0.24

Elko

14

2

0

0

3

19

1,003

0.55

0.15

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

1

0

0

0

0

1

7,030

0.08

0.02

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

31

9

0

0

1

41

406

1.37

0.38

Mineral

0

1

0

0

0

1

2,870

0.19

0.05

Nye

60

11

0

0

8

79

209

2.65

0.74

Pershing

0

0

0

0

0

0

n/a

0.00

0.00

Storey

0

0

0

0

1

1

1,755

0.32

0.09

Washoe

252

105

0

0

98

455

370

1.50

0.42

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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