RealtyTrac U.S. Foreclosure Market Report: Foreclosure activity increases five percent in OctoberMortgagePress.comRealtyTrac, foreclosures, U.S. Foreclosure Market Report,
RealtyTrac, an online marketplace for foreclosure properties,
has released its October 2008 U.S. Foreclosure Market Report, which
shows foreclosure filingsdefault notices, auction sale notices and
bank repossessionswere reported on 279,561 U.S. properties during
the month, a five percent increase from the previous month and a 25
percent increase from October 2007. The report also shows one in
every 452 U.S. housing units received a foreclosure filing in
October.
"We've seen sharp declines in new foreclosure filings after
legislation mandating delays to the foreclosure process was signed
into law in several statesmost notably in California, where overall
foreclosure activity was down by double-digit percentage points for
the second straight month in October, and where default filings
were 44 percent below October 2007 levels," said James J. Saccacio,
chief executive officer of RealtyTrac. "Despite this, October marks
the 34th consecutive month where U.S. foreclosure activity has
increased compared to the prior year.
"While the intention behind this legislationto prevent more
foreclosuresis admirable, without a more integrated approach that
includes significant loan modifications, the net effect may be
merely delaying inevitable foreclosures. And in the meantime, the
apparent slowing of foreclosure activity understates the severity
of the foreclosure problem in these states."
Nevada, Arizona, Florida post top state foreclosure
rates
Nevada posted the nation's highest state foreclosure rate for the
22nd consecutive month in October, with one in every 74 housing
units receiving a foreclosure filing during the monthmore than six
times the national average. Foreclosure filings were reported on
14,483 Nevada properties in October, an increase of 11 percent from
the previous month and up nearly 119 percent from October 2007.
With one in every 149 housing units receiving a foreclosure
filing in October, Arizona registered the second highest state
foreclosure rate. Foreclosure filings were reported on 17,507
Arizona properties for the month, an increase of nearly 35 percent
from the previous month and up 176 percent from October 2007.
One in every 157 Florida housing units received a foreclosure
filing in October, the nations third highest state foreclosure
rate. A total of 54,324 Florida properties received a foreclosure
filing during the month, an increase of 13 percent from the
previous month and up nearly 80 percent from October 2007.
Other states with foreclosure rates ranking among the top 10
were California, Colorado, Georgia, Michigan, New Jersey, Illinois
and Ohio.
California posts top foreclosure total despite continued
drop in foreclosure activity
California foreclosure activity in October decreased 18 percent
from the previous month, but the state still posted the highest
number of properties with foreclosure filings for the month56,954.
That total was down from a peak of more than 100,000 in August, but
was still up 13 percent from October 2007.
Florida, Arizona and Nevada posted the second, third and fourth
highest number of properties with foreclosure filings respectively
in October.
With 12,681 properties receiving a foreclosure filing in
October, Illinois registered the nations fifth highest state total.
The states foreclosure activity increased 24 percent from the
previous month and was up 31 percent from October 2007.
Other states where total properties with foreclosure filings
landed among the 10 highest were Ohio, Michigan, Georgia, Texas and
New Jersey.
Las Vegas, Florida cities top list of highest metro
foreclosure rates
Las Vegas documented the highest metropolitan foreclosure rate
among the 230 metro areas tracked in the report, with one in every
62 housing units receiving a foreclosure filing in Octobermore than
seven times the national average. Foreclosure filings were reported
on 12,155 Las Vegas area properties during the month, an increase
of nearly six percent from the previous month and up nearly 104
percent from October of 2007.
Four Florida metro areas posted foreclosure rates that ranked
among the top 10 in October, led by Cape Coral-Fort Myers and Miami
in the Nos. 2 and 3 spots respectively. Other Florida cities in the
top 10 were Fort Lauderdale at No. 8 and Orlando at No. 10.
California metro areas also accounted for four of the top 10
metro foreclosure rates in October, but that was down from previous
months, when at least six California metro areas consistently
ranked among the top 10. Stockton was the highest ranked California
metro area at No. 4, with one in every 100 housing units receiving
a foreclosure filing in October. Other California cities in the top
10 were Merced at No. 5, Riverside-San Bernardino at No. 7 and
Modesto at No. 9. All four California metro areas experienced
monthly decreases in foreclosure activity.
For more information, visit www.realtytrac.com.
