Skip to main content

Fewer Foreclosure Filings in November

Phil Hall
Dec 10, 2015
Foreclosure filings were reported on 104,111 properties last month, according to new data from RealtyTrac

Foreclosure filings were reported on 104,111 properties last month, according to new data from RealtyTrac. This represents a 10 percent decline from October and a seven percent drop from November 2014.

November also witnessed a 15 percent monthly drop in foreclosure starts, with 41,208 properties starting the foreclosure process for the first time—the lowest monthly total since May 2005. However, property repossession by lenders in November was up 10 percent from October and up 60 percent year-over-year. Repossessions were up in 41 states, most notably in Tennessee (up 608 percent), Mississippi (up 341 percent), Texas (298 percent), Nebraska (up 295 percent), New York (up 270 percent) and New Jersey (up 205 percent).

“Banks are continuing to work through the backlog of lingering foreclosures, pushing bank repossession numbers higher in the short term even as foreclosure starts drop to new lows,” said Daren Blomquist, RealtyTrac vice president. “This also means the share of active foreclosures tied to bubble-era loans is shrinking, with 59 percent of all loans in foreclosure originated between 2004 and 2008. While that is still a disproportionate share of active foreclosures, it continues to decrease from 61 percent earlier this year and 75 percent two years ago.”

For the second month in a row, Maryland led the nation in foreclosures, with a total of 4,631 properties with a foreclosure filing in November—down nearly 10 percent from the previous month, but up 13 percent from a year ago. Atlantic City had the highest number of foreclosure filings for a major metro area for the fifth consecutive month with one out of every 307 housing unit being impacted. 

 

Fifth Third Bank Expands Down Payment Assistance Program

The program will provide up to $3,600 towards a down payment for families with low to moderate income.

Industry News
Jun 09, 2021
Filo Mortgage Launches Low-Rate Guarantee

National mortgage lender Filo Mortgage is offering to beat competitors' pricing by $1,000 with its Low-Rate Guarantee.

Industry News
Jun 08, 2021
FAU Index Shows Where Consumers Should Buy Or Rent

Consumers are better off renting in cities like Dallas, Texas

Industry News
Jun 07, 2021
Verus Title Inc. Expands Into Dallas-Fort Worth Texas

Verus plans to take advantage of the Dallas-Fort Worth market before expanding throughout the state.

Community
Jun 07, 2021
Freddie Mac Multifamily Extends Forbearance Deadline To September

Freddie Mac Multifamily extended the deadline for requesting a new COVID-19 forbearance agreement for its Multifamily loans to September 30, 2021.

Industry News
Jun 04, 2021
Fannie Mae Launches 'Your Own Story' To Educate Future Homebuyers

Fannie Mae is seeking to help demystify the homebuying process for future homeowners with “Your Own Story.” A new campaign to educate future homebuyers on the entire process.

Industry News
Jun 04, 2021