In August, nationwide
totals of 243,947 foreclosure filings were reported , up 36 percent
from the previous month and up 115 percent from August 2006. This is
the highest number of foreclosure filings in a single month that
RealtyTrac has reported since it began issuing the monthly report in
January 2005.
The August report
also showed a national foreclosure rate of one foreclosure filing
for every 510 households for the month; the highest national ratio
ever issued by the foreclosure tracking company.
For the 4074
residents of Storey County the ratio is even more alarming. One of
every 70.20 households in Storey County is facing foreclosure. The
county is home to 1755 homeowners.
Statewide, Nevada
continued to register the nation’s highest state foreclosure rate,
one foreclosure filing for every 165 households — more than three
times the national average. The state reported 6,197 foreclosure
filings during the month, a 21 percent increase from the previous
month and more than triple the number reported in August 2006.
With 1755 households
and total foreclosure filings in August reaching 25, Storey County
is one of 4 counties in Nevada to make the national list for
counties with the highest foreclosure rates.
It is unclear what may have caused the spike in
foreclosure activity in Storey County but nationwide one thing is
clear. The situation is a crises for homeowners with mortgages they
can no longer afford AND an unprecedented opportunity for investors
and home buyers.
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