NEVADA FORECLOSURE ACTIVITY INCREASES 19 PERCENT IN FIRST QUARTER

State Foreclosure Activity Up 111 Percent From Q1 2008; Foreclosure Rate Ranks No. 1

Monthly Activity Up 26 percent in March, Surges 159 Percent From Year Ago

 

IRVINE, Calif. – April 27, 2009 – Foreclosure filings were reported on 41,296 Nevada properties in the first quarter of 2009, a 19 percent increase from the previous quarter, and 111 percent ahead of the level reported for Q1 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 27 Nevada housing units received a foreclosure filing during the quarter, the highest state foreclosure rate in the nation.

 

The Silver State reported 19,849 properties with foreclosure filings in March, a 26 percent increase from the previous month and 159 percent above its March 2008 total.

 

Nevada foreclosures are the highest they’ve been since RealtyTrac first began tracking these numbers back in 2005,” said James J. Saccacio, chief executive officer of RealtyTrac “The state currently holds one of the top ten unemployment rates in the country and has lost nearly 70,000 jobs in the past year. Nevada also experienced the largest decline in home prices during 2008 of any state. For the time being, these factors are definitely keeping foreclosure activity here at its peak.”

 

Although Nevada documented the fourth highest raw number of properties receiving foreclosure filings in the first quarter, its foreclosure rate — one in every 27 housing units received a foreclosure filing during the quarter — came in first place above that of Arizona, Florida, and California. Other states with foreclosure rates among the 10 highest were Michigan, Georgia, Idaho and Utah.

 

Five counties account for bulk of state total for the quarter

Five Nevada counties accounted for 99 percent of the state’s overall foreclosure activity during the first quarter. Clark County came in first place, reporting 35,321 properties with foreclosure filings. Washoe County was second, reporting 3,836 properties with foreclosure filings for the quarter. Lyon County was close behind in third, reporting 890 properties with foreclosure filings. Nye County registered the fourth highest total, documenting 552 properties with foreclosure filings. Douglas County registered the fifth highest total, where 282 properties with foreclosure filings were reported.

 

Lyon County scores highest rate in the state for first quarter

Lyon County led the state, with one in every 20 housing units receiving a foreclosure filing —7.9 times the national average. Clark County came in second, with one in every 22 housing units receiving a foreclosure filing 7.1 times the national average. Nye County posted the third highest foreclosure rate, where one in every 30 housing units received a foreclosure filing during the month — 5.3 times the national average.

 

State the contributes 5 percent to nation’s foreclosure total for Q1 2009

Nevada accounted for 5 percent of the 803,489 properties with foreclosure filings reported nationwide for the first quarter of 2009. The national total represented a 9 percent increase in activity from the previous quarter and was almost 24 percent ahead of the total reported for Q1 2008. One in every 159 U.S. housing units received a foreclosure filing during the quarter.

 

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the quarter — broken out by type of filing at the county, state and national level. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default Notice of Default (NOD) and Lis Pendens (LIS); Auction 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). If more than one foreclosure document is filed against a property during the quarter — which is extremely rare — only the most recent filing is counted in the report.

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

                            Nevada Foreclosure Market Data by County – Q1 2009

Properties with Foreclosure Filings

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

%Change from Q4 08

%Change from Q1 08

 

 

 

 

 

 

 

 

 

 

United States

156,933

149,852

225,752

80,409

190,543

803,489

159

9.16%

23.63%

Nevada

20,534

0

10,320

0

10,442

41,296

27

19.13%

110.75%

 

 

 

 

 

 

 

 

 

 

Carson City

112

0

48

0

39

199

115

-24.62%

231.67%

Churchill

41

0

24

0

33

98

111

-4.85%

36.11%

Clark

17,759

0

8,724

0

8,838

35,321

22

18.81%

103.93%

Douglas

165

0

60

0

57

282

82

30.56%

136.97%

Elko

40

0

19

0

17

76

256

26.67%

85.37%

Esmeralda

0

0

0

0

0

0

Eureka

0

0

0

0

0

0

-100.00%

Humboldt

10

0

8

0

8

26

280

36.84%

160.00%

Lander

1

0

0

0

0

1

2,757

-80.00%

-83.33%

Lincoln

0

0

0

0

0

0

-100.00%

Lyon

312

0

390

0

188

890

20

6.71%

540.29%

Mineral

0

0

1

0

0

1

2,859

0.00%

Nye

245

0

136

0

171

552

30

18.20%

240.74%

Pershing

1

0

2

0

4

7

340

-46.15%

-41.67%

Storey

1

0

0

0

0

1

1,825

-66.67%

Washoe

1,845

0

906

0

1,085

3,836

46

30.74%

132.63%

White Pine

2

0

2

0

2

6

747

-53.85%

50.00%

 

About RealtyTrac Inc.

RealtyTrac (www.realtytrac.com) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting more than 3 million unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate.

Cited by thousands of media outlets each quarter — including all the major news networks, leading publications such as The Wall Street Journal, The New York Times, and USA TODAY, RealtyTrac’s foreclosure data also has been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures.

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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