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Rise in Foreclosure Filings Seen




One in every 452 U.S. housing units received a foreclosure filing in October, accounting for a five percent rise in filings over the previous month. Nevada, Arizona and Florida were the top three states with the highest foreclosure filings in October.

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After a brief easing on foreclosure activity in September, foreclosure filings in October increased, according to RealtyTrac.

Foreclosure filings -- which include default notices, auction sale notices and bank repossessions -- were reported on 279,561 U.S. properties during the month, a five percent increase from the previous month and a 25 percent increase from October 2007. The report also shows one in every 452 U.S. housing units received a foreclosure filing in October.

"We've seen sharp declines in new foreclosure filings after legislation mandating delays to the foreclosure process was signed into law in several states -- most notably in California, where overall foreclosure activity was down by double-digit percentage points for the second straight month in October, and where default filings were 44 percent below October 2007 levels," said James J. Saccacio, chief executive officer of RealtyTrac. "Despite this, October marks the 34th consecutive month where U.S. foreclosure activity has increased compared to the prior year.

Nevada posted the nation's highest state foreclosure rate for the 22nd consecutive month in October, with one in every 74 housing units receiving a foreclosure filing during the month -- more than six times the national average. Foreclosure filings were reported on 14,483 Nevada properties in October, an increase of 11 percent from the previous month and up nearly 119 percent from October 2007.

With one in every 149 housing units receiving a foreclosure filing in October, Arizona registered the second highest state foreclosure rate. Foreclosure filings were reported on 17,507 Arizona properties for the month, an increase of nearly 35 percent from the previous month and up 176 percent from October 2007.

One in every 157 Florida housing units received a foreclosure filing in October, the nation's third highest state foreclosure rate. A total of 54,324 Florida properties received a foreclosure filing during the month, an increase of 13 percent from the previous month and up nearly 80 percent from October 2007.

Other states with foreclosure rates ranking among the top 10 were California, Colorado, Georgia, Michigan, New Jersey, Illinois and Ohio.

California foreclosure activity in October decreased 18 percent from the previous month, but the state still posted the highest number of properties with foreclosure filings for the month--56,954. That total was down from a peak of more than 100,000 in August, but was still up 13 percent from October 2007.

Florida, Arizona and Nevada posted the second, third and fourth highest number of properties with foreclosure filings respectively in October.

Source: RealtyTrac


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June 15, 2019, 10:20 pm PDT

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