RealtyTrac: Foreclosure activity decreases 10 percent in NovemberMortgagePress.comdefault notices, auction sale notices, bank repossessions
Foreclosure filings up 68 percent from October
2006
RealtyTrac, an online
marketplace for foreclosure properties, released its November 2007
U.S. Foreclosure Market Report, which shows a total of 201,950
foreclosure filings—default notices, auction sale notices and
bank repossessions—were reported during the month of
November, down 10 percent from October 2007, but still up nearly 68
percent from November 2006. The national foreclosure rate for the
month was one foreclosure filing for every 617 households.
"The 10 percent drop in November is the first double-digit
monthly decrease we've seen since April 2006," said James J.
Saccacio, chief executive officer of RealtyTrac. "This could
indicate that foreclosure activity has topped out for the year, but
the true test of whether this ceiling will hold will come at the
beginning of next year—when we anticipate that a seasonal
surge in foreclosure filings and another possible wave of resetting
mortgages could place further pressure on the housing market. But
if the trend of flat or decreasing foreclosure activity we've seen
over the past three months continues in the first quarter, it would
certainly bode well for 2008."
Nevada, Florida, Ohio post top state foreclosure
rates
With one foreclosure filing for every 152 households—more
than four times the national average—Nevada continued to
register the nation's top state foreclosure rate for the 11th
straight month. A total of 6,694 foreclosure filings were reported
in the state for the month, up one percent from the previous month
and up 167 percent from November 2006.
Florida's November foreclosure rate of one foreclosure filing for
every 282 households ranked second highest among the
states—up from the state's ranking of third highest the
previous month despite a three percent month-to-month decrease in
foreclosure activity. A total of 29,238 foreclosure filings were
reported in the state for the month, up 212 percent from November
2006.
Foreclosure activity in Ohio was down nearly six percent from the
previous month, but the state's foreclosure rate of one foreclosure
filing for every 307 households still ranked third highest among
the states—up from fourth highest the previous month. A total
of 16,308 foreclosure filings were reported in the state for the
month, an increase of nearly 99 percent from November 2006.
Other states with foreclosure rates ranking among the nation's 10
highest were Colorado, California, Michigan, Georgia, Arizona,
Indiana and Illinois.
California, Florida, Ohio report highest foreclosure
totals
A total of 39,992 foreclosure filings were reported in California
in November, the most of any state despite a 21 percent decrease
from the previous month. The state's November foreclosure activity
was still up nearly 108 percent from November 2006, and the state's
foreclosure rate of one foreclosure filing for every 325 households
was 1.9 times the national average and fifth highest among the
states.
Florida documented the nation's second highest state foreclosure
filing total in November, and Ohio documented the third highest
total. Other states with foreclosure filing totals among the
nation's 10 highest were Texas, Michigan, Georgia, Illinois,
Nevada, Colorado and New York.
Top metro foreclosure rates
California cities accounted for five of the nation's top 10 metro
foreclosure rates in November, one fewer than in the previous
month. Stockton, Calif. took the top spot with one foreclosure
filing for every 99 households, more than six times the national
average. Modesto, Calif. took the number two spot with one
foreclosure filing for every 104 households, and Merced, Calif.
took the number three spot with one foreclosure filing for every
106 households. Other California cities in the top 10 were
Vallejo-Fairfield at number six and Riverside-San Bernardino at
number nine.
Las Vegas registered a foreclosure rate of one foreclosure filing
for every 122 households, fourth highest metro rate in November,
and Detroit's foreclosure rate of one foreclosure filing for every
138 households ranked number five. Other cities in the top 10 were
Greeley, Colo. at number seven; Cape Coral-Fort Myers, Fla. at
number eight; and Miami at number 10.
For more information, visit www.realtytrac.com.
