NEVADA FORECLOSURES DECREASE 12 PERCENT IN DECEMBER

Activity Jumps 97 Percent From Last Year; Foreclosure Rate Second Highest

 

IRVINE, Calif. – Jan. 15, 2007 – Nevada reported 2,213 properties entering some stage of the foreclosure process in December, a 12 percent decline from the 2,506 properties reported in November, but still leaping 97 percent above the 1,124 properties reported for the same month last year, according to the RealtyTrac™ U.S. Foreclosure Market Report. The state documented the second highest foreclosure rate in the nation for the month, reporting one new foreclosure filing for every 392 households — 2.7 times the national average.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 700,000 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 has had the second highest foreclosure rate in the country for much of 2006,” said James J. Saccacio, chief executive officer of RealtyTrac. “Overbuilding, weakened demand for housing — particularly from investors — steep declines in homes sales and slower home price appreciation are all contributing to the state’s high foreclosure rate.”

Nevada’s foreclosure total ranked 16th in the nation for December, well behind first-place Texas, which reported 14,195 properties entering some stage of the foreclosure process.

 

Nevada real estate agent Pam Dulgar, a member of the RealtyTrac Agent Network™, said that 100 percent financing on many homes in the past two years — and a decrease in homes prices — are spurring increased foreclosure activity in the marketplace.

 

The Nevada market overall took a good jump in mid-December, and seems to be continuing to move in that direction,” said Dulgar. “The overall quality of life in this area, and the fact that Nevada has no state income tax, is bringing people in from other states. They want to be close to California without the high taxes.”

 

Clark County accounts for bulk of state activity

Clark County accounted for nearly 98 percent of all foreclosure filings in Nevada for December, with 2,163 properties entering some stage of the foreclosure process. Other counties reporting significant totals included Washoe County with 32 new filings, and Douglas County with 8 properties entering the foreclosure pipeline.

 

State’s highest foreclosure rate in Clark County

Clark County also documented the highest foreclosure rate in the state for the month, reporting one new foreclosure filing for every 277 households — 1.4 times the state average and 3.8 times the national average. Storey County reported the second highest foreclosure rate with one new foreclosure filing for every 1,506 households.

 

State makes noteworthy contribution to national total

Nevada’s foreclosure activity accounted for 2 percent of the 109,652 properties entering some stage of foreclosure nationwide in December. The national total represents a 9 percent decrease from the 120,334 foreclosures reported in November. The nation’s foreclosure rate decreased to one new foreclosure filing for every 1,055 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).

 

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

 

                        Nevada Foreclosure Market by County – December 2006

 

County Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

26,593

41,292

5,472

15,887

20,408

109,652

1,055

n/a

n/a

Nevada

1,416

748

0

0

49

2,213

392

2.69

n/a

 

 

 

 

 

 

 

 

 

 

Carson City

1

2

0

0

0

3

7,094

0.15

0.06

Clark

1,396

721

0

0

46

2,163

277

3.80

1.41

Douglas

6

1

0

0

1

8

2,376

0.44

0.16

Elko

0

1

0

0

1

2

9,228

0.11

0.04

Lyon

0

0

0

0

0

0

n/a 

0.00

0.00

Nye

2

1

0

0

1

4

3,984

0.26

0.10

Storey

0

1

0

0

0

1

1,506

0.70

0.26

Washoe

11

21

0

0

0

32

4,498

0.23

0.09

 

 

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 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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