RealtyTrac has released the latest foreclosure activity for November 2010. Problems with paperwork in the robo-signing scandal, the subsequent foreclosure suspensions by the mega banks, and the need for tens of thousands of re-filings by mortgage servicers, caused foreclosure activity to fall to its lowest level since November 2008. Nationally, foreclosure filings for November dropped 21 percent from the previous month and 14 percent from a year earlier. For the first time since February 2009, RealtyTrac says the total number of monthly filings dropped below the 300,000 mark, with 262,339 properties in November.
That’s equal to one in every 492 U.S. homes receiving a foreclosure notice or being taken back by the lender during the month (compared to one in every 389 homes during October 2010). As you can see by the data for the top 10 foreclosure states below, several states have a much, much higher rate than this, including Nevada’s staggering ratio of 1 in 99 homes!
If these homes are going into foreclosure, Realtors you’re missing the boat on assisting them through the short sale process. As for investors, opportunity abounds in these states for buying properties at a fraction of their true value.
Top 10 states with the highest foreclosure activity rates in November:
1. Nevada (1 filing per 99 homes)
2. Utah (1 in 221)
3. California (1 in 223)
4. Arizona (1 in 262)
5. Florida (1 in 267)
6. Georgia (1 in 279)
7. Michigan (1 in 296)
8. Idaho (1 in 301)
9. Illinois (1 in 408)
10. Colorado (1 in 433)
Top 10 states with the highest foreclosure activity by volume in November:
1. California: 57,378 properties
2. Florida: 32,938
3. Michigan: 15,311
4. Georgia: 14,423
5. Texas: 13,369
6. Illinois: 12,941
7. Nevada: 11,371
8. Ohio: 10,458
9. Arizona: 10,384
10. Pennsylvania: 5,672
(Source: RealtyTrac)
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