Santa Barbara, CA (PRWEB) December 1, 2008
RealtyStore (http://www.realtystore.com), the nation's leading provider of foreclosure listings, released its quarterly Nevada Foreclosure Report.
RealtyStore.com recorded 20,190 notices of default (NODs) and 14,361 auction notices statewide for Q3 2008. This was a 109% and 187% increase respectively from those recorded in Q3 2007. An NOD is filed by the lending institution, when a homeowner falls behind on mortgage payments. NODs provide important information about which homeowners have home loans they cannot afford. An auction notice, also known as a Notice of Trustee Sale (NTS), is filed by the lending institution when a homeowner fails to cure their default. This is the second stage of foreclosure where the lender formally records its intent to sell the property through a public auction.
"Speculative investments, subprime lending and years of rapid price appreciation have led to a crisis in the Nevada real estate market," said Tim Chin, CEO of RealtyStore. "Mortgage borrowers in Nevada on average have borrowed 89% of their home value and 48% currently have negative equity. With home prices expected to fall another 10% nationwide by late next year, coupled with adjustable-rate mortgages continuing to reset, the already high foreclosure rate in Nevada will continue to mount."
Nevada has been hard-hit by loose lending practices and the resulting real estate bubble. According to First American Core Logic, approximately 18 percent, or 7.63 million properties nationwide, have negative equity. As the economy further weakens and housing prices continue to fall, it is predicted that one in four U.S. mortgage borrowers will soon have negative equity in their homes. Couple this scenario with the current recession and the financial market upheaval, real estate owners nationwide are in for a rocky road.
Founded in 2005, RealtyStore.com is the fastest growing, most trusted provider of foreclosure listings and information in the nation with over 1 million pre-foreclosure, foreclosure auction, bank-owned, and tax sale property listings. Collected from hundreds of public and private sources, RealtyStore's proprietary database includes extensive property characteristics (including pictures and maps), default and tax information, comparable home values, and neighborhood demographics information. For more information, visit http://www.realtystore.com.