Foreclosure Filings Slip Seven Percent in November

December 11, 2008 No Comments »

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Foreclosure filings were reported on 259,085 properties during November, a seven percent decrease from October, but still 27 percent higher than during the same period a year earlier, RealtyTrac reported today.

“Foreclosure activity in November hit the lowest level we’ve seen since June thanks in part to recently enacted laws that have extended the foreclosure process in some states, along with more aggressive loan modification programs and self-imposed holiday foreclosure moratoriums introduced by some lenders,” said James J. Saccacio, chief executive officer of RealtyTrac.

“There are several indications, however, that this lower activity is simply a temporary lull before another foreclosure storm hits in the coming months.”

Saccacio was referring to the near-seven percent of homeowners in arrears and the fact that more than half of recent loan modifications re-defaulted just months later.

Nevada maintained the highest foreclosure rate in the nation with one in every 76 housing units receiving a filing during the month.

California reported the largest number of filings with 60,491 properties receiving notices; despite previously falling for two consecutive moths, filings rose six percent from October in the Golden State.

The worst foreclosure rate for a metropolitan area during the month was Cape Coral-Fort Myers, Fla., which saw one in every 59 households receive a notice in November.

As of the end of November, one in every 488 U.S. households has received a foreclosure notice.

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