Foreclosure Activity Declines in October

Foreclosure Activity Declines in October
Foreclosure filings, including default notices, scheduled auctions and bank repossessions, were reported on 332,172 U.S. properties in October, a 4 percent decrease from the previous month and nearly the same level from a year ago, RealtyTrac reported this morning. One in every 389 U. S. homes received a foreclosure filing during the month.

Some 92,236 U.S. properties were foreclosed on in October, a decline of 9 percent from September, but foreclosures were still up 21 percent from October 2009.

A total of 100,575 U.S. properties received default notices in October, a 2 percent decrease from the previous month and a 19 percent decrease from October 2009. This marks the ninth straight month that default notices declined on a year-over-year basis.

Foreclosure auctions were scheduled on 138,361 properties during the month, a 3 percent decrease from September, but 6 percent higher than a year ago.

James J. Saccacio, RealtyTracâ€^TMs CEO, says the data could have been worse. “The numbers probably would have been higher except for the fallout from the recent ‘robo-signingâ€^TM controversy â€" which is the most likely reason for the 9 percent monthly drop in REOs we saw from September to October and which may result in further decreases in November,” Saccacio says.

Nevada posted the nationâ€^TMs highest foreclosure rate with one in every 79 housing units receiving a foreclosure filing during October. Florida documented the second highest rate with one in every 155 housing units receiving a foreclosure filing, followed by Arizona with one in every 165 housing units receiving a foreclosure filing. Thu, Nov 11, 2010

This is a reblog from CRS member connect