Foreclosure Activity Up 94 Percent Versus Year Ago: RealtyTrac

Foreclosure activity nationwide kept increasing during October, rising 2 percent from September to push foreclosures to levels nearly double one year earlier. According to a monthly report released yesterday by foreclosure data provider RealtyTrac, 224,451 foreclosure filings — default notices, auction sale notices and bank repossessions — were reported during the month. “Overall foreclosure activity continues to register at a high level compared to last year, but it appears to have leveled off over the past two months after hitting a high for the year in August,” said James J. Saccacio, chief executive officer of RealtyTrac. “Default notices were down nearly 9 percent in October, indicating that some of the efforts on the part of homeowners, lenders and advocacy groups to find alternatives to foreclosure may be starting to have an impact. On the other hand, bank repossessions were up nearly 35 percent, evidence that more homeowners who enter foreclosure are losing their homes.” Not surprisingly, Nevada, California, Florida posted top state foreclosure rates (foreclosure rates take into account population totals to enable more accurate comparisons). In terms of raw foreclosure volume, California, Florida, Ohio reported highest foreclosure totals during October, RealtyTrac said. There was some good news for Texas residents, however, in the foreclosure numbers. The Lone Star state, long a foreclosure hotspot, documented the fifth highest state total, with 12,288 foreclosure filings in October — a 16 percent decrease from the previous month but a 26 percent increase from October 2006. But the state’s foreclosure rate — one foreclosure filing for every 735 households — dropped out of the top 10 and registered below the national average. For more information, visit http://www.realtytrac.com.