Numbers Are Still Up 28 Percent From November 2007IRVINE,CA– Dec. 11, 2008 – RealtyTrac®, the leading online
marketplace for foreclosure properties, today released its November 2008 U.S. Foreclosure Market Report™, which shows foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 259,085 U.S. properties during the month, a 7 percent decrease from the previous month but still up 28 percent from November 2007.
The report also shows one in every 488 U.S. housing units received a foreclosure filing in November.
“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, (top right photo) chief executive officer of RealtyTrac.
“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, (top right photo) 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.
“Delinquencies on loans not yet in the foreclosure process jumped to nearly 7 percent in the
third quarter, a record high, according to the Mortgage Bankers Association,” Saccacio continued.
“Delinquencies on loans not yet in the foreclosure process jumped to nearly 7 percent in the
third quarter, a record high, according to the Mortgage Bankers Association,” Saccacio continued.
”And more than half of the homeowners who received loan modifications to reduce
monthly mortgage payments in the first half of 2008 are already delinquent on their loans
again, according to the U.S. Office of Thrift Supervision. Many of these delinquencies could
turn into foreclosures next year.”
Nevada, Florida and Arizona posted the top state foreclosure rates. Nevada foreclosure activity in November decreased nearly 4 percent from the previous month, but the state maintained the nation’s No. 1 foreclosure rate, with one in every 76 housing units receiving a foreclosure filing during the month — more than six times the national average. Foreclosure filings were reported on 13,962 Nevada properties, up 109 percent from November 2007.
Florida foreclosure activity in November was also down from the previous month, but the state’s foreclosure rate moved up to the No. 2 spot thanks to an even bigger monthly decrease in Arizona. One in every 173 Florida housing units received a foreclosure filing during
the month, nearly three times the national average.
With one in every 198 housing units receiving a foreclosure filing, Arizona posted the nation’s
third highest foreclosure rate in November despite a nearly 25 percent decrease in foreclosure
activity from the previous month. Foreclosure filings were reported on 13,136 Arizona
properties during the month, up nearly 128 percent from November 2008.
Other states with foreclosure rates ranking among the top 10 were California, Michigan,Georgia, Ohio, Colorado, Utah and Idaho.
monthly mortgage payments in the first half of 2008 are already delinquent on their loans
again, according to the U.S. Office of Thrift Supervision. Many of these delinquencies could
turn into foreclosures next year.”
Nevada, Florida and Arizona posted the top state foreclosure rates. Nevada foreclosure activity in November decreased nearly 4 percent from the previous month, but the state maintained the nation’s No. 1 foreclosure rate, with one in every 76 housing units receiving a foreclosure filing during the month — more than six times the national average. Foreclosure filings were reported on 13,962 Nevada properties, up 109 percent from November 2007.
Florida foreclosure activity in November was also down from the previous month, but the state’s foreclosure rate moved up to the No. 2 spot thanks to an even bigger monthly decrease in Arizona. One in every 173 Florida housing units received a foreclosure filing during
the month, nearly three times the national average.
With one in every 198 housing units receiving a foreclosure filing, Arizona posted the nation’s
third highest foreclosure rate in November despite a nearly 25 percent decrease in foreclosure
activity from the previous month. Foreclosure filings were reported on 13,136 Arizona
properties during the month, up nearly 128 percent from November 2008.
Other states with foreclosure rates ranking among the top 10 were California, Michigan,Georgia, Ohio, Colorado, Utah and Idaho.
For a complete copy of RealtyTrac's news release and market-by-market analysis, please contact Tammy Chan, Atomic PR, 415-402-0230, tammy@atomicpr.com
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