Thursday, November 29, 2007

October Foreclosures Level Off, But Are Still Nearly Double 2006's Pace

Some 224,451 foreclosure notices were filed in October, up 94% from the same month last year, according to online marketplace RealtyTrac®. However, the mark was up just 2% from September. The national foreclosure rate for the month was one foreclosure filing for every 555 households.
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% 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% , evidence that more homeowners who enter foreclosure are losing their homes.”

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