RealtyTrac: Foreclosure Filings Down 8% in November
For the fourth straight month foreclosure activity nationwide hasrndeclined according to information released by RealtyTrac. Despite this promising news, RealtyTrac alsornreported that the rate of defaults is still well above that recorded one yearrnago.
Foreclosure filings which include default notices, scheduledrnforeclosure auctions and bank repossessions were reported on 306,627 propertiesrnduring November. This is a decrease ofrnnearly 8 percent from the October figures and shows that one in every 417 U.S.rnhouseholds is affected. This number isrn18 percent higher than that reported in November, 2008.
James J. Saccacio, chief executive officer of RealtyTrac, an Irvine,rnCalifornia company that bills itself as the nation's leading online marketplace of foreclosure properties, said,rn”November was the fourth straight month that U.S. foreclosure activityrnhas declined after hitting an all-time high for our report in July, andrnNovember foreclosure activity was at the lowest level we've seen sincernFebruary. Loan modifications and other foreclosure prevention efforts, alongrnwith the recently extended and expanded homebuyer tax credit, are keeping a lidrnon the most visible symptoms of the nation's ailing housing market – foreclosuresrnand home value depreciation. This is providing a welcome respite for the realrnestate industry, but a full recovery will only come when unemployment recedesrnto normal, healthy levels and when availability of credit reaches a morernrational balance between the extremes of the past few years.”
Even though foreclosurernactivity there declined by 33 percent in one month, Nevada continued to leadrnthe nation with 9,295 or one in every 119 housing units receiving a foreclosurernfiling in November. This is 3.5 timesrnthe national average. Nearly 53,000 Floridarnresidents (one in every 165 homeowners) received foreclosure notices, anrnincrease of nearly 2 percent since October while California slipped from secondrnto third place nationwide with 74,000 notices or one in every 180 households arndecrease of 13.5 percent since October. Arizona was the fourth most activernstate, reversing direction after three straight months of declines. Its foreclosure rate increased almost 8rnpercent in November with one in every 186 housing units receiving a notice or arntotal of over 14,000 foreclosure filings.
The lowestrnforeclosure rates were recorded in North Dakota, West Virginia, and Vermont.
California,rnFlorida, Illinois, and Michigan together accounted for more than half of therntotal foreclosure activity in the nation for the second straight month althoughrnboth Michigan and Illinois saw declines during the month of nearly 3 percentrnand 18 percent respectively.
All stages of foreclosurernactivity slowed nationwide. Defaultrnnotices were down 8 percent from the previous month but still up 22 percentrnfrom November 2008. Scheduled foreclosure auctions declined 12rnpercent from the previous month but were still up 32 percent from Novemberrn2008, and bank repossessions were unchanged from October and down 2 percentrnfrom November 2008.
The RealtyTracrnU.S. Foreclosure Market Report provides a count of the total number ofrnproperties with at least one foreclosure filing entered into the RealtyTracrndatabase during the month, broken out by type of filing by state, county andrnmetropolitan statistical area. Some foreclosure filings entered into the databasernduring the month may have been recorded in previous months. Data is collectedrnfrom more than 2,200 counties nationwide, and those counties account for morernthan 90 percent of the U.S. population. The report includes all documents filed in thernthree phases of foreclosure, default, auction, and real estate owned. If morernthan one foreclosure document is received for a property during the month, onlyrnthe most recent filing is counted in the report.
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