NEVADA FORECLOSURES INCREASE 29 PERCENT IN MARCH

Activity Up 220 Percent From a Year Ago; Foreclosure Rate Nation’s Highest

 

IRVINE, Calif. – April 23, 2007 – Nevada documented 4,738 foreclosure filings in March, a 29 percent increase from a revised February total, and surging 220 percent from March 2006, according to the latest RealtyTrac™ U.S. Foreclosure Market Report. The state’s foreclosure rate of one new foreclosure filing for every 183 households led the nation for the month.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 900,000 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.

 

“For three consecutive months, Nevada has registered the nation’s highest foreclosure rate,” said James J. Saccacio, chief executive officer of RealtyTrac. “Nevada’s foreclosure rate is more than four times the national average. Rising inventories of unsold homes and a much slower rate of price appreciation are two factors that are making it more difficult for distressed homeowners to sell their way out of foreclosure.”

 

The Silver State’s foreclosure total ranked 10th among the 50 states, and it’s foreclosure rate was more than four times the national average.

 

Clark County reports biggest foreclosure total

Clark County led all counties for the month with 4,307 foreclosure filings — 91 percent of the state total. Washoe County documented the second highest total, with 392 foreclosure filings. Lyon County came in a distant third, reporting 15 filings in the foreclosure pipeline during the month.

 

Clark County leads state in foreclosure rate

Clark County tallied the highest foreclosure rate in Nevada for March, one foreclosure filing for every 139 households — 1.3 times the state average and 5.6 times the national average. Washoe County registered the second highest foreclosure rate, one foreclosure filing for every 367 households — half the state average but twice the national average. Lyon County registered the third highest foreclosure rate, with one foreclosure filing for every 952 households.

 

State makes minor contribution to national total

Total foreclosure filings in Nevada accounted for 3 percent of the 149,150 foreclosure filings nationwide in March. The national total was up almost 7 percent from the previous month, and surged 47 percent from March 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 775 U.S. 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 – March 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

47,134

51,203

8,906

19,416

22,491

149,150

775

n/a

n/a

Nevada

3,227

857

0

0

654

4,738

183

4.23

n/a

 

 

 

 

 

 

 

 

 

 

Carson City

4

4

0

0

1

9

2,365

0.33

0.08

Churchill

0

0

0

0

1

1

9,732

0.08

0.02

Clark

2,974

732

0

0

601

4,307

139

5.57

1.31

Douglas

0

0

0

0

0

0

n/a 

0.00

0.00

Elko

3

0

0

0

4

7

2,637

0.29

0.07

Humboldt

1

2

0

0

0

3

2,318

0.33

0.08

Lincoln

0

0

0

0

0

0

n/a 

0.00

0.00

Lyon

7

6

0

0

2

15

952

0.81

0.19

Nye

1

2

0

0

0

3

5,311

0.15

0.03

Washoe

237

110

0

0

45

392

367

2.11

0.50

White Pine

0

1

0

0

0

1

4,439

0.17

0.04

 

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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