NEVADA FORECLOSURES INCREASE 8 PERCENT IN JULY

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Activity Up 215 Percent From a Year Ago; State’s Foreclosure Rate Nation’s Highest

 

IRVINE, Calif. – August 24, 2007 – Nevada documented 5,116 foreclosure filings in July, an 8 percent increase from the previous month, and a 215 percent increase from June 2006, according to the latest RealtyTrac™ U.S. Foreclosure Market Report.

 

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 registered the nation’s highest foreclosure rate for seven consecutive months,” said James J. Saccacio, chief executive officer of RealtyTrac. “Home prices in Nevada are falling and defaults are rising — especially among homeowners with subprime mortgages in Clark and Washoe counties.”

Nevada’s nation-leading foreclosure rate, one foreclosure filing for every 199 households, was 3.5 times the national average. The state’s foreclosure total ranked 10th among the 50 states.

 

Clark County reports biggest foreclosure total

In Nevada, 90 percent of foreclosures were in just one county — Clark County. Clark County documented the highest total, with 4,634 foreclosure filings in July. Washoe County posted the second highest foreclosure total, with 407 foreclosure filings. Nye County documented the third highest foreclosure total, with 24 foreclosure filings. Carson City County posted the fourth highest foreclosure total, with 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 July, with one foreclosure filing for every 155 households — 1.3 times the state average and 4.5 times the national average. Washoe County registered the second highest foreclosure rate, with one foreclosure filing for every 414 households. Nye County registered the third highest foreclosure rate, with one foreclosure filing for every 690 households.

 

State makes significant contribution to national total

Total foreclosure filings in Nevada accounted for 3 percent of the 179,599 foreclosure filings nationwide in July. The national total was up 9 percent from the previous month and up 93 percent from July 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 693 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 – July 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

57,327

23,136

35,553

26,842

179,599

57,327

693

n/a

n/a

Nevada

3,367

1,064

0

0

685

5,116

199

3.48

n/a

 

 

 

 

 

 

 

 

 

 

Carson City

10

3

0

0

2

15

1,507

0.46

0.13

Churchill

0

2

0

0

0

2

5,166

0.13

0.03

Clark

3,081

958

0

0

595

4,634

155

4.47

1.28

Douglas

6

1

0

0

3

10

2,211

0.31

0.09

Elko

1

1

0

0

9

11

1,733

0.40

0.11

Lander

1

1

0

0

0

2

1,383

0.50

0.14

Lyon

4

3

0

0

0

7

2,378

0.29

0.08

Nye

20

2

0

0

2

24

690

1.00

0.28

Pershing

0

1

0

0

0

1

2,380

0.29

0.08

Washoe

242

92

0

0

73

407

414

1.67

0.48

White Pine

2

0

0

0

1

3

1,484

0.46

0.13

 

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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