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Foreclosures Up Five Percent in October

One of every 452 homes received a foreclosure filing

November 13, 2008

The report also shows one in every 452 U.S. housing units received a foreclosure filing in October. The report shows the largest decline in foreclosures came in some of the nation's hardest-hit areas.

"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."

Saccacio said foreclosures could spike up again unless the newly-announced initiative by major lenders to modify troubled loans is successful. No one, he says, should read this latest report and conclude the problem is on the road to being solved.

"The apparent slowing of foreclosure activity understates the severity of the foreclosure problem in these states," he warned.

Nevada, Arizona, Florida post top state foreclosure rates 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.

With 12,681 properties receiving a foreclosure filing in October, Illinois registered the nation's fifth highest state total. The state's foreclosure activity increased 24 percent from the previous month and was up 31 percent from October 2007.

Other states where total properties with foreclosure filings landed among the 10 highest were Ohio, Michigan, Georgia, Texas and New Jersey.

Las Vegas, Florida cities top list of highest metro foreclosure rates Las Vegas documented the highest metropolitan foreclosure rate among the 230 metro areas tracked in the report, with one in every 62 housing units receiving a foreclosure filing in October -- more than seven times the national average. Foreclosure filings were reported on 12,155 Las Vegas area properties during the month, an increase of nearly 6 percent from the previous month and up nearly 104 percent from October of 2007.

Four Florida metro areas posted foreclosure rates that ranked among the top 10 in October, led by Cape Coral-Fort Myers and Miami in the Nos. 2 and 3 spots respectively. Other Florida cities in the top 10 were Fort Lauderdale at No. 8 and Orlando at No. 10.

California metro areas also accounted for four of the top 10 metro foreclosure rates in October, but that was down from previous months, when at least six California metro areas consistently ranked among the top 10. Stockton was the highest ranked California metro area at No. 4, with one in every 100 housing units receiving a foreclosure filing in October. Other California cities in the top 10 were Merced at No. 5, Riverside-San Bernardino at No. 7 and Modesto at No. 9. All four California metro areas experienced monthly decreases in foreclosure activity.

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