Activity Up 77 Percent From Year Ago; Foreclosure Rate is Nation’s Highest
IRVINE, Calif. – March 26, 2007 – Nevada reported 3,124 foreclosure filings in February, climbing 24 percent from the previous month and soaring 77 percent above the total reported for the same month last year, according to the latest RealtyTrac™ U.S. Foreclosure Market Report. Documenting one filing for every 278 households, the state had the nation’s highest foreclosure rate for the month.
RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 850,000 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.
“Foreclosures are up significantly in Nevada on a monthly and yearly basis,” said James J. Saccacio, chief executive officer of RealtyTrac. “Even though employment numbers were up for the month, overbuilding combined with a continued slowdown in the housing market, particularly in Clark County, is significantly contributing to the state’s problem of having the highest foreclosure rate in the country.”
At 3.2 times the national average, the Silver state led the nation by a significant amount in terms of foreclosure rate for February. Next closest state was Colorado which reported a rate of one foreclosure filing for every 345 households — 2.6 times the national average. The state with the third highest foreclosure rate for the month was Florida, reporting a rate of one new filing for every 382 households — 2.3 times the national average. Fourth highest rate was documented in Georgia with one filing for every 424 households, followed by Michigan with a rate of one filing for every 455 households.
Clark County leads state in total foreclosures for month
Clark County accounted for 86 percent of all foreclosure activity in the state for February, reporting 2,702 foreclosure filings. Washoe County documented the second highest total for the month, reporting 357 foreclosure filings. Nye County documented the third highest total for the month, reporting 29 filings in the foreclosure pipeline.
Clark County posts highest foreclosure rate for month
Clark County also reported the state’s highest foreclosure rate, documenting one foreclosure filing for every 222 households — 1.3 times the state average and four times the national average. Washoe County reported the second highest foreclosure rate, with one foreclosure filing for every 403 households.
State makes minor contribution to national total
Total foreclosure filings in Nevada accounted for more than 2 percent of the 130,786 filings nationwide in February. The national total was down 4 percent from the previous month, but still up 12 percent from February 2006. The nation’s foreclosure rate decreased to one foreclosure filing for every 884 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: 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 – February 2007
1 in every # households
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).
Atomic Public Relations