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RealtyTrac: Foreclosure Activity Decreases 7 Percent in November

""RealtyTrac"":http://www.realtytrac.com released its November 2008 U.S. Foreclosure Market Report today, which shows foreclosure filings - default notices, auction sale notices, and bank repossessions - were reported on 259,085 U.S. properties during the month, a 7 percent decrease from the previous month but still up 28 percent from November 2007. According to the report, one in every 488 U.S. housing units received a foreclosure filing last month.
""Foreclosure activity in November hit the lowest level we've seen since June thanks in part to recently enacted laws that have extended the foreclosure process in some states, along with more aggressive loan modification programs and self-imposed holiday foreclosure moratoriums introduced by some lenders,"" said James J. Saccacio, CEO of RealtyTrac. ""There are several indications, however, that this lower activity is simply a temporary lull before another foreclosure storm hits in the coming months.
""Delinquencies on loans not yet in the foreclosure process jumped to nearly 7 percent in the third quarter, a record high, according to the ""Mortgage Bankers Association"":http://www.mbaa.org/NewsandMedia/PressCenter/66626.htm,"" Saccacio continued. ""And more than half of the homeowners who received loan modifications to reduce monthly mortgage payments in the first half of 2008 are already delinquent on their loans again, according to the ""U.S. Office of Thrift Supervision"":http://www.ots.gov/. Many of these delinquencies could turn into foreclosures next year,"" Saccacio said.
According to RealtyTrac's market data, Nevada, Florida, and Arizona posted the top state foreclosure rates for the month of November.
Nevada foreclosure activity in November decreased nearly 4 percent from the previous month, but the state maintained the nation's No. 1 foreclosure rate. One in every 76 housing units in Nevada received a foreclosure filing during the month - more than six times the national average. Foreclosure filings were reported on 13,962 Nevada properties, up 109 percent from November 2007.
Florida foreclosure activity in November was also down from the previous month, but the state's foreclosure rate moved up to the No. 2 spot thanks to an even bigger monthly decrease in Arizona. One in every 173 Florida housing units received a foreclosure filing during the month, nearly three times the national average. A total of 49,190 filings were reported in the state, down nearly 10 percent from October but 68 percent higher than a year ago.
With one in every 198 housing units receiving a foreclosure filing, Arizona posted the nation's third highest foreclosure rate in November despite a nearly 25 percent decrease in foreclosure activity from the previous month. Foreclosure filings were reported on 13,136 Arizona properties during the month, down 25 percent from the previous month but up nearly 128 percent from November 2007.
Other states with foreclosure rates ranking among RealtyTrac's top 10 were California, Michigan, Georgia, Ohio, Colorado, Utah, and Idaho.
California and Florida cities accounted for nine of the top 10 metro foreclosure rates in November. Las Vegas came in at No. 2, with one in every 61 homes receiving a foreclosure filing.
To view a state-by-state breakdown of RealtyTrac's foreclosure market data for the month of November, ""click here"":http://www.realtytrac.com/ContentManagement/pressrelease.aspxxChannelID=9&ItemID=5543&accnt=64847.

About Author: Carrie Bay

Carrie Bay is a freelance writer for DS News and its sister publication MReport. She served as online editor for DSNews.com from 2008 through 2011. Prior to joining DS News and the Five Star organization, she managed public relations, marketing, and media relations initiatives for several B2B companies in the financial services, technology, and telecommunications industries. She also wrote for retail and nonprofit organizations upon graduating from Texas A&M University with degrees in journalism and English.
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