NEVADA FORECLOSURES JUMP 13 PERCENT IN JUNE

Activity Level Up 123 Percent From a Year Ago

 

IRVINE, Calif. – July 31, 2006 – Nevada reported 1,244 properties entering some stage of the foreclosure process in June, a 13 percent increase over the 1,103 properties reported in May, and a 123 percent increase from the 559 properties reported for the same month last year, according to the RealtyTrac™ June 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.

 

“This latest upswing in foreclosure activity erases half of the 26 percent total decline experienced the previous two months,” said James J. Saccacio, chief executive officer of RealtyTrac. “Although job growth has been good in Nevada, the large increase over the state’s foreclosure level for June 2005 can be the result of many things including high energy costs, higher interest rates and the overuse of creative financing vehicles in the purchase of more home than the buyer could legitimately afford.”

 

Nevada ranked 18th among the 50 states in terms of total foreclosure filings for June. Additionally, the state’s foreclosure rate of one new foreclosure filing for every 697 households — 1.8 times the national average — was second highest in the nation behind only Colorado.

 

Clark County Responsible for Lion’s Share of State Activity

Reporting 1,157 properties entering some stage of the foreclosure process in June, Clark County was responsible for 93 percent of the state’s foreclosure activity for the month. The only other county to report any significant foreclosure activity for the month was Washoe County with 43 properties in the foreclosure pipeline.

 

Highest Foreclosure Rates Found Clark County

With one new foreclosure filing for every 518 households, Clark County had the highest foreclosure rate in the state for June — 1.3 times the state average and 2.5 times the national average. The second highest foreclosure rate was reported in Storey County reporting one new foreclosure filing for every 753 households — 90 percent of the state average. Nye County completes the top three reporting one new foreclosure filing for every 797 households — 88 percent of the state average.

 

State Not a Significant Player at the National Level

Nevada‘s foreclosure total was not significant on the national level, accounting for little more than 1 percent of the 88,194 properties entering some stage of foreclosure nationwide in June. The national total represents a 5 percent decline from the May total of 92,746 foreclosures. The nation’s foreclosure rate declined to one new foreclosure filing for every 1,311 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 – June 2006

 

State Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

21,866

38,382

2,966

9,598

15,382

88,194

1,311

Nevada

941

260

0

0

43

1,244

697

1.880

 

 

 

 

 

 

 

 

 

 

Carson City

2

0

0

0

0

2

10642

0.12

0.07

Churchill

0

0

0

0

0

0

0.00

0.00

Clark

883

238

0

0

36

1,157

518

2.53

1.35

Douglas

8

1

0

0

1

10

1901

0.69

0.37

Elko

5

0

0

0

0

5

3691

0.36

0.19

Humboldt

0

1

0

0

1

2

3477

0.38

0.20

Lyon

1

0

0

0

0

1

14279

0.09

0.05

Nye

17

2

0

0

1

20

797

1.65

0.88

Pershing

2

0

0

0

0

2

1195

1.10

0.58

Storey

1

0

0

0

1

2

753

1.74

0.93

Washoe

22

18

0

0

3

43

3348

0.39

0.21

 

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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