While foreclosure activity in the U.S. spiked by 15 percent from September to October, the largest monthly increase in four years, 10 states still saw a month-over-month decline in foreclosures in October, according to RealtyTrac's October 2014 U.S. Foreclosure Market Report released earlier this week.
The state with the largest month-over-month decline in foreclosure filings (notices of default, scheduled auctions, and bank repossessions/REOs) for October was New Jersey, at 41.8 percent, according to RealtyTrac. The Garden State had the third highest foreclosure rate of any state in the third quarter with one foreclosure filing for every 218 housing units, but the latest month-over-month decline pushed New Jersey down to ninth in foreclosure rate for October with one in every 878 housing units, according to RealtyTrac. In October, approximately .11 percent of residential housing units in New Jersey were in foreclosure.
The other states that saw month-over-month declines in foreclosure filings in October were Colorado (37.5 percent), Rhode Island (36.12 percent), Maine (33.6 percent), Connecticut (22.1 percent), Massachusetts (12.6 percent), Iowa (5.4 percent), New York (3.2 percent), North Carolina (2.7 percent), and Florida (2.2 percent) according to RealtyTrac.
The year-over-year difference in foreclosure filings was a different story, however. Foreclosure filings declined by 8 percent nationwide from October 2013 to October 2014, according to RealtyTrac. The state with the largest year-over-year decline in foreclosure filings was Rhode Island with 57.2 percent, followed closely by Colorado with 56.8 percent. Rhode Island and Colorado ranked 41st and 44th among states with the highest foreclosure rate, respectively, according to RealtyTrac.
In all, 26 states saw a year-over-year decline in foreclosure filings in October, according to RealtyTrac.