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Foreclosures Nearly Double Again in October    
Industry News
 

Source: CreditandCollectionsWorld.com and SourceMedia, Inc.

Creditors filed a total of 224,451 foreclosures during October, rising 2% from September and 94% from October 2006, according to RealtyTrac’s October 2007 U.S. Foreclosure Market Report. The national foreclosure rate for the month was one foreclosure filing for every 555 households.

“Overall foreclosure activity continues to register at a high level compared to last year, but it appears to have leveled off over the past two months after hitting a high in August,” said James J. Saccacio, RealtyTrac’s CEO. “Default notices were down nearly 9% in October, indicating that some of the efforts on the part of homeowners, lenders and advocacy groups to find alternatives to foreclosure may be starting to have an impact.

Bank repossessions were up nearly 35%, however, “evidence that more homeowners who enter foreclosure are losing their homes,” Saccacio said. Nevada had the highest foreclosure rate among the states for the 10th consecutive month, with one foreclosure filing for every 154 households, or 3.6 times the national average. A total of 6,618 foreclosure filings were reported in the state for the month, a 20% increase from September and nearly triple the number reported in October 2006.

California’s foreclosure activity fell about 2% from September, but the state’s foreclosure rate of one foreclosure filing for every 258 households still ranked second highest among the states. A total of 50,401 foreclosure filings were reported in California during October, more than triple the number reported in October 2006.

Florida had one foreclosure filing for every 273 households, ranking third. With 30,190 filings during October, Florida’s foreclosure activity was down more than 9% from the September but rose nearly 165 percent from October 2006. Other states with foreclosure rates ranking among the nation’s 10 highest were Ohio, Georgia, Michigan, Colorado, Arizona, Indiana and Illinois.

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