NEVADA FORECLOSURES JUMPS 16 PERCENT IN OCTOBER

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Activity Up 558 Percent From Year Ago; Second Highest Foreclosure Rate

 

IRVINE, Calif. – Nov. 10, 2006 – Nevada reported 2,229 properties entering some stage of the foreclosure process in October, a 16 percent increase from the 1,919 properties reported in September, and a skyrocketing 558 percent above the 339 properties reported for the same month last year, according to the RealtyTrac™ October 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 389 households.

 

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’s housing sector continues to suffer on a number of levels,” said James J. Saccacio, chief executive officer of RealtyTrac. “Weakened housing demand — particularly from investors — along with steep declines in homes sales and building permits, slower price appreciation, and increasing defaults on sub-prime mortgages are all contributing to the state’s high foreclosure rate.”

 

Nevada had the 15th highest foreclosure total in the nation for October, well behind top-rated California with 16,098 properties entering some stage of the foreclosure process. The state’s foreclosure rate continued to rank second behind Colorado’s foreclosure rate and was 2.6 times the national average.

 

“I think come Spring 2007, you’re going to see a stronger market,” said Adam Hunt, a Las Vegas real estate agent. “I think you’re going to see a fair market.  And I think you’ll see our market turnaround. The only thing I can ever guarantee in real estate is that it will change. You’re going to see change.”

 

Clark County accounts for bulk of state activity

Clark County accounted for 94 percent of all foreclosure filings in Nevada for October, with 2,091 properties entering some stage of the foreclosure process. Other counties reporting significant totals included Washoe County with 71 properties and Nye County with 22 properties in the foreclosure pipeline.

 

Clark County posts state’s highest foreclosure rate

Clark County also reported the highest foreclosure rate in the state, with one new foreclosure filing for every 287 households — 1.4 times the state average and 3.5 times the national average. The second highest foreclosure rate was reported in Nye County, where there was one new foreclosure filing for every 724 households — well below the state average and 1.4 times the national average.

 

State makes significant contribution to national total

Nevada’s foreclosure activity accounted for 2 percent of the 115,568 properties entering some stage of foreclosure nationwide in October. The national total represents a 3 percent increase from the 112,210 foreclosures reported in September. The nation’s foreclosure rate increased to one new foreclosure filing for every 1,001 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 – October 2006

 

County Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

27,731

42,375

5,799

18,895

20,768

115,568

1,001

n/a

n/a

Nevada

1,602

564

0

0

63

2,229

389

2.57

n/a

 

 

 

 

 

 

 

 

 

 

Carson City

13

1

0

0

1

15

1,419

0.71

0.27

Churchill

0

1

0

0

0

1

9,732

0.10

0.04

Clark

1,506

529

0

0

56

2,091

287

3.49

1.36

Douglas

8

1

0

0

1

10

1,901

0.53

0.20

Elko

0

0

0

0

0

0

n/a

0.00

0.00

Humboldt

0

5

0

0

0

5

1,391

0.72

0.28

Lyon

10

2

0

0

0

12

1,190

0.84

0.33

Nye

18

3

0

0

1

22

724

1.38

0.54

Pershing

1

0

0

0

0

1

2,389

0.42

0.16

Storey

0

0

0

0

1

1

1,506

0.66

0.26

Washoe

46

22

0

0

3

71

2,027

0.49

0.19

 

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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