November was a classic good news bad news month for foreclosure activity. According to RealtyTrac's most recent U.S. Forelosure Market Report, which shows foreclosure filings - default notices, auction sale notices and bank repossessions - foreclosure activity decreased  7 percent in November from October, but jumped 28 percent from the same time last year. The report also shows one in every 488 U.S. housing units received a foreclosure filing in November.

RealtyTrac officials say there are several indications that this lower activity is simply a temporary lull before another foreclosure storm hits in the coming months.

"When you typically see an increase in unemployment you see an increase in foreclosures," Rick Sharga, senior vice president at RealtyTrac, said on MarketWatch News Radio. We expect the number of foreclosures to jump in January."

Nevada, Florida, Arizona post 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.

California, Florida, Michigan post highest foreclosure totals
Foreclosure filings were reported on 60,491 California properties in November, the most of any state and a 6 percent increase from the previous month following two consecutive monthly decreases. The state's foreclosure activity was up 51 percent from November 2007, and one in every 218 housing units received a foreclosure filing during the month - more than twice the national average.

Despite a 9 percent decrease in foreclosure activity from the previous month, Florida continued to post the nation's second highest number of properties with foreclosure filings - 49,190. The state's foreclosure activity was still up 68 percent from November 2007.

Michigan foreclosure activity in November increased 28 percent from the previous month, giving the state 14,594 properties with foreclosure filings during the month - the nation's third highest state total. Michigan's foreclosure activity was up 27 percent from November 2007, and the state's foreclosure rate ranked fifth highest in the nation for the month.

Nevada, Arizona, Ohio, Georgia, Illinois, Texas and Virginia also reported foreclosure totals that were among the nation's 10 highest.

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