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Foreclosure Pace Slows in September




Despite one in every 475 U.S. homes receiving foreclosure notices in September, there was actually a 12 percent decrease in foreclosure filings compared to August.

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A recent report showed the number of existing homes sold in four Southern California counties rose 65 percent in September due to lowering home prices and a large stock of foreclosed homes available.

A new report released Thursday shows that more bargains will be available on the horizon.

RealtyTrac has released its U.S. Foreclosure Market Report for September 2008 and Q3 2008. Foreclosure filings--default notices, auction sale notices and bank repossessions--were reported on 265,968 properties in September, a 12 percent decrease from the previous month but still a 21 percent increase from September 2007. One in every 475 U.S. housing units received a foreclosure filing in September.

Foreclosure filings were reported on 765,558 U.S. properties during the third quarter, up more than three percent from the second quarter and up 71 percent from the third quarter of 2007.

"Much of the 12 percent decrease in September can be attributed to changes in state laws that have at least temporarily slowed down the pace at which lenders are moving forward with foreclosures," said James J. Saccacio, chief executive officer of RealtyTrac. "Most significantly, SB 1137 in California took effect in early September and requires lenders to make contact with borrowers at least 30 days before filing a Notice of Default (NOD). In September we saw California NODs drop 51 percent from the previous month, and that drop had a significant impact on the national numbers given that California accounts for close to one-third of the nation's foreclosure activity each month."

Nevada continued to document the nation's highest state foreclosure rate in September thanks to an 11 percent increase in foreclosure activity from the previous month. Foreclosure filings were reported on 13,022 Nevada properties during the month, an increase of 137 percent from September 2007 and one in every 82 housing units--more than 5 times the national average.

A 9 percent month-over-month increase in foreclosure activity helped Florida's foreclosure rate leapfrog past foreclosure rates in Arizona and California to take the No. 2 spot, with one in every 178 housing units receiving a foreclosure filing in September. Foreclosure filings were reported on 47,956 Florida properties during the month, an increase of 44 percent from September of 2007.

Foreclosure filings were reported on 69,548 California properties in September, a 32 percent decrease from the previous month but still up 36 percent from September 2007. With one in every 189 housing units receiving a foreclosure filing during September, the state's foreclosure rate slipped to third highest among the states.

Other states with foreclosure rates ranking among the top 10 in September were Arizona, Georgia, Michigan, Ohio, New Jersey, Indiana and Colorado.

Source: RealtyTrac


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June 27, 2019, 2:05 am PDT

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