NEVADA FORECLOSURES JUMP 31 PERCENT IN JULY

Activity Level Up 221 Percent From a Year Ago; Foreclosure Rate in Top 3

 

IRVINE, Calif. – August 11, 2006 – Nevada reported 1,626 properties entering some stage of the foreclosure process in July, a 31 percent increase over the 1,244 properties reported in June, and skyrocketing 221 percent above the 507 properties reported for the same month last year. Reporting one new foreclosure filing for every 533 households — 2.3 times the national average — the state had the second highest foreclosure rate in the nation, according to the RealtyTrac™ July 2006 U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with more than 600,000 properties from more than 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate, AOL Real Estate and Knight Ridder Online.

 

“Lower home sales and a large reduction in price appreciation, along with higher interest rates, are at least partially responsible for the large increase in foreclosures Nevada is experiencing,” said James J. Saccacio, chief executive officer of RealtyTrac. “Almost 78 percent of all foreclosures reported for July were new filings of mortgage defaults.”

 

Nevada‘s foreclosure total was the 16th highest in the nation for July, well behind top-rated Texas with 13,103 properties entering some stage of the foreclosure process. The state’s foreclosure rate was second only to Colorado which reported one new foreclosure filing for every 480 households — 2.6 times the national average.

 

Most of state activity found in Clark County

Clark County accounted for 93 percent of all foreclosures in Nevada for July, reporting 1,514 properties entering some stage of the foreclosure process. The only other county to report any significant foreclosure activity for the month was Washoe County with 46 properties in the foreclosure pipeline.

 

Clark County posts state’s highest foreclosure rate

Reporting one new foreclosure filing for every 396 households — 1.4 times the state average and 3.1 times the national average — Clark County had the highest foreclosure rate in the state for July. The second highest foreclosure rate was reported in Nye County reporting one new foreclosure filing for every 637 households — eight-tenths of the state average and almost twice the national average.

 

State activity has little impact on national total

Nevada‘s foreclosures accounted for less than 2 percent of the 92,845 properties entering some stage of foreclosure nationwide in July. The national total represents a 5 percent increase from June when a total 88,194 foreclosures were reported. The nation’s foreclosure rate increased to one new foreclosure filing for every 1,245 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: Pre-foreclosures — Notice of Default (NOD) and Lis Pendens (LIS); Foreclosures — 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).

 

                            Nevada Foreclosure Market by County – July 2006

 

State Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

20,202

38,173

4,795

13,295

16,380

92,845

1,245

Nevada

1,264

320

0

0

42

1,626

533

2.34

 

 

 

 

 

 

 

 

 

 

Carson City

3

1

0

0

0

4

5,321

0.23

0.10

Clark

1,186

295

0

0

33

1,514

396

3.14

1.35

Douglas

7

1

0

0

0

8

2,376

0.52

0.22

Elko

12

1

0

0

3

16

1,154

1.08

0.46

Humboldt

0

3

0

0

0

3

2,318

0.54

0.23

Lyon

8

1

0

0

1

10

1,428

0.87

0.37

Nye

16

8

0

0

1

25

637

1.95

0.84

Storey

0

0

0

0

0

0

0.00

0.00

Washoe

32

10

0

0

4

46

3,129

0.40

0.17

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, 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 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 AOL Real Estate, MSN Real Estate and Yahoo! Real Estate. 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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