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.
