ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT
Activity Up 375 Percent From May 2006; State’s Foreclosure Rate Nation’s Highest
IRVINE, Calif. – June 15, 2007 – Nevada documented 5,235 foreclosure filings in May, a 40 percent increase from the previous month and a 375 percent increase from May 2006, according to the latest RealtyTrac™ U.S. Foreclosure Market Report.
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.
“Nevada‘s May foreclosure rate was almost four times the national average,” said James J. Saccacio, chief executive officer of RealtyTrac. “For five consecutive months Nevada has registered the nation’s highest foreclosure rate. 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.”
Nevada‘s nation-leading foreclosure rate, one new foreclosure filing for every 166 households, was 3.9 times the national average. The state’s foreclosure total ranked 10th among the 50 states.
Clark County reports biggest foreclosure total
In Nevada, more than 90 percent of foreclosures were in just one county — Clark County. Clark County documented 4,737 foreclosure filings for the month. Washoe County documented the second highest total, with 390 foreclosure filings. Nye County documented the third highest total, with 55 filings entering some stage of the foreclosure pipeline during the month.
Clark County leads state in foreclosure rate
Clark County tallied the highest foreclosure rate in Nevada for May, one foreclosure filing for every 127 households — 1.3 times the state average and 5.2 times the national average. Nye County registered the second highest foreclosure rate, one foreclosure filing for every 290 households — twice the national average. Washoe County registered the third highest foreclosure rate, with one foreclosure filing for every 369 households — 1.8 times the national average.
State makes significant contribution to national total
Total foreclosure filings in Nevada accounted for 3 percent of the 176,137 foreclosure filings nationwide in May. The national total was up 19 percent from the previous month and up 90 percent from May 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 656 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 – May 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
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