Foreclosure filings up 68 percent from October
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
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
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.
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