NEVADA FORECLOSURES JUMP 24 PERCENT IN AUGUST

Activity Up 255 Percent From Year Ago; Second Highest Foreclosure Rate

 

IRVINE, Calif. – August 31, 2006 – Nevada reported 2,016 properties entering some stage of the foreclosure process in August, jumping 24 percent from the 1,626 properties reported in July, and skyrocketing 255 percent from the 568 properties reported for the same month last year, according to the RealtyTrac™ August 2006 U.S. Foreclosure Market Report. The state had the second highest foreclosure rate in the nation for the month — reporting one new foreclosure filing for every 430 households.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with nearly 650,000 properties from more than 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate, The Wall Street Journal’s Real Estate Journal and Knight Ridder Online.

 

“Having the second highest foreclosure rate in the country, and the expanding gap between last year’s and this year’s foreclosure totals are what concern me the most,” said James J. Saccacio, chief executive officer of RealtyTrac. “Both job growth and tourism have been big pluses for Nevada‘s economy. So declining home sales, a lower rate of price appreciation and the looser lending practices of the past few years may be catching up with the state’s real estate sector.”

 

Nevada had the 16th highest level of foreclosure activity in the country for August, just 15 foreclosures fewer than 15th ranked North Carolina but more than 14,000 foreclosures behind national leader Florida. The state’s foreclosure rate, second only to Colorado, was 2.3 times the national average.

 

Bulk of state activity found in Clark County

Reporting 1,923 properties entering some stage of the foreclosure process, Clark County was responsible for 95 percent of the state’s foreclosure activity in August. The only other significant foreclosure activity during the month was found in Washoe County, where 48 properties were reported, and in Nye County, where 20 foreclosures were reported to be in the foreclosure pipeline.

 

Clark County posts highest foreclosure rate

Clark County had the highest foreclosure rate in the state for August, reporting one new foreclosure filing for every 312 households — 1.4 times the state average and 3.2 times the national average. The second highest foreclosure rate was reported in Nye County, where there was one new foreclosure filing for every 797 households — about half the state average and 1.3 times the national average.

 

State makes contribution to national total

Total foreclosure activity in Nevada accounted for less than 2 percent of the 115,292 properties entering some stage of foreclosure nationwide in August. The national total represents a 24 percent increase from the 92,845 foreclosures reported in July. The nation’s foreclosure rate increased to one new foreclosure filing for every 1,003 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 – August 2006

 

State Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

20,611

45,704

7,328

21,533

20,116

115,292

1,003

Nevada

1,476

481

0

0

59

2,016

430

2.33

 

 

 

 

 

 

 

 

 

 

Carson City

6

2

0

0

0

8

2,660

0.38

0.16

Churchill

2

4

0

0

0

6

1,622

0.62

0.27

Clark

1,416

455

0

0

52

1,923

312

3.22

1.38

Douglas

5

1

0

0

0

6

3,168

0.32

0.14

Elko

0

0

0

0

0

0

0.00

0.00

Humboldt

0

0

0

0

1

1

6,954

0.14

0.06

Lyon

0

2

0

0

0

2

7,140

0.14

0.06

Nye

17

2

0

0

1

20

797

1.26

0.54

Pershing

0

0

0

0

2

2

1,195

0.84

0.36

Washoe

30

15

0

0

3

48

2,999

0.33

0.14

 

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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