NEVADA FORECLOSURES INCREASE 8 PERCENT IN JANUARY

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

State Documents Nation’s Highest Foreclosure Rate

 

IRVINE, Calif. – Feb. 25, 2007 – Nevada documented 2,397 new foreclosure filings in January, an 8 percent increase from the previous month and a 34 percent increase from January 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 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.

 

“In January Nevada replaced Colorado as the state with the highest foreclosure rate,” said James J. Saccacio, chief executive officer of RealtyTrac. “Lower home sales volume 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 362 households, was 2.5 times the national average. The state’s foreclosure total ranked 16th among the states.

 

Clark County reports biggest foreclosure total

Clark County documented the highest total, with 2,344 new foreclosure filings for the month. Washoe County documented the second highest total, 42 new foreclosure filings. Nye

County documented the third highest total, with six new 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 January, one new foreclosure filing for every 256 households — 1.4 times the state average and 3.5 times the national average. Nye County registered the second highest foreclosure rate, one new foreclosure filing for every 2,656 households. Washoe County came in third with a foreclosure rate of one new foreclosure filing for every 3,427 households.

 

State makes significant contribution to national total

Nevada accounted for less than 2 percent of the 130,511 foreclosure filings nationwide in January. The national total was up 19 percent from the previous month and up 25 percent from January 2006. The nation’s foreclosure rate increased to one new foreclosure filing for every 886 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 – January 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

27,317

52,326

6,983

19,980

23,905

130,511

886

n/a

n/a

Nevada

1,031

1,205

0

0

161

2,397

362

2.45

n/a

 

 

 

 

 

 

 

 

 

 

Carson City

0

2

0

0

1

3

7,094

0.12

0.05

Clark

1,026

1,161

0

0

157

2,344

256

3.46

1.41

Douglas

0

0

0

0

0

0

n/a

0.00

0.00

Elko

0

0

0

0

0

0

n/a

0.00

0.00

Lyon

0

2

0

0

0

2

7,140

0.12

0.05

Mineral

0

0

0

0

0

0

n/a

0.00

0.00

Nye

0

6

0

0

0

6

2,656

0.33

0.14

Washoe

5

34

0

0

3

42

3,427

0.26

0.11

 

 

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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Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

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