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MIP increase to raise cost of affordable housing, says MBA

National Mortgage Professional
Jan 27, 2008

Foreclosure activity increases 2 percent in OctoberMortgagePress.comforeclosure, RealtyTrac, Foreclosure filings, Foreclosure Market Report, top state foreclosure rates Foreclosure activity increases 2 percent in October Foreclosure filings up 94 percent from October 2006 RealtyTrac, an online marketplace for foreclosure properties, has released its October 2007 U.S. Foreclosure Market Report which showed a total of 224,451 foreclosure filings--default notices, auction sale notices and bank repossessions--were reported during the month, up two percent from the previous month and up 94 percent from October 2006. 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 for the year in August," said James J. Saccacio, CEO of RealtyTrac. "Default notices were down nearly nine percent 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. On the other hand, bank repossessions were up nearly 35 percent, evidence that more homeowners who enter foreclosure are losing their homes." Nevada, California, Florida post top state foreclosure rates Nevada documented the highest foreclosure rate among the states for the 10th straight month, with one foreclosure filing for every 154 households--3.6 times the national average. A total of 6,618 foreclosure filings were reported in the state for the month, a 20 percent increase from the previous month and nearly triple the number reported in October 2006. California foreclosure activity decreased nearly two percent from the previous month, 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 the state for the month, more than triple the number reported in October 2006. Florida's foreclosure rate--one foreclosure filing for every 273 households--ranked third-highest among the states in October. With 30,190 foreclosure filings reported for the month, the state's foreclosure activity was down more than nine percent from the previous month, but still up 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. California, Florida, Ohio report highest foreclosure totals Ohio's foreclosure total of 17,276 was third-highest behind the totals in California and Florida. The state's foreclosure activity increased nearly 10 percent from the previous month and was up 136 percent from October 2006. Ohio's foreclosure rate of one foreclosure filing for every 290 households ranked fourth highest among the states. With 13,415 foreclosure filings reported in October, Michigan documented the nation's fourth highest foreclosure filing total and the sixth highest foreclosure rate--one foreclosure filing for every 334 households. The state's foreclosure activity was down nearly six percent from the previous month, but was up nearly 63 percent from October 2006. Texas documented the fifth highest state total, with 12,288 foreclosure filings in October--a 16 percent decrease from the previous month, but a 26 percent increase from October 2006. The state's foreclosure rate--one foreclosure filing for every 735 households--dropped out of the top 10 and registered below the national average. Other states with foreclosure totals among the nation's 10 highest were Georgia, Illinois, Nevada, New York and Arizona. Inland California cities, Las Vegas, Detroit, Cleveland among top metro rates California cities continued to dominate the top metro foreclosure rates in October, taking six out of the top 10 spots for the month. Merced documented the number one foreclosure rate, with one foreclosure filing for every 82 households--6.7 times the national average. Stockton and Modesto took the second and third spots; Riverside-San Bernardino and Vallejo-Fairfield took the sixth and seventh spots; and Sacramento's foreclosure rate ranked number nine. Las Vegas documented the fourth-highest metro foreclosure rate for the month--one foreclosure filing for every 120 households--followed by number five, Detroit, with one foreclosure filing for every 131 households. Cape Coral-Fort Myers, Fla. registered the eighth-highest metro foreclosure rate, and Cleveland's foreclosure rate ranked number 10. For more information, visit www.realtytrac.com.
Published
Jan 27, 2008
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