Up 18% in a year, foreclosures fall 8% in a month

RealtyTrac reports that there were 306,627 default notices, scheduled foreclosure auctions and bank repossessions involving U.S. properties during November, a decrease of nearly 8 percent from October but still up 18 percent from November 2008.

The report also shows one in every 417 U.S. housing units received a foreclosure filing in November. Said CEO James J. Saccacio:

“November was the fourth straight month that U.S. foreclosure activity has declined after hitting an all-time high for our report in July, and November foreclosure activity was at the lowest level we’ve se since February.

“Loan modifications and other foreclosure prevention efforts, along with the recently extended and expanded homebuyer tax credit, are keeping a lid on the most visible symptoms of the nation’s ailing housing market — foreclosures and home value depreciation.

“This is providing a welcome respite for the real estate industry, but a full recovery will only come when unemployment recedes to normal, healthy levels and when availability of credit reaches a more rational balance between the extremes of the past few years.”

Default notices nationwide were down 8 percent from the previous month but still up 22 percent from November 2008, scheduled foreclosure auctions were down 12 percent from the previous month but still up 32 percent from November 2008, and bank repossessions were flat from the previous month and down 2 percent from November 2008.

As usual, Nevada, Florida, California posted that top state foreclosure rates, but Nevada’s foreclosure activity decreased by a double-digit percentage for the second straight month. A total of 9,295 Nevada properties received a foreclosure filing during the month, a 33 percent decrease from the previous month and also a 33 percent decrease from November 2008.

For the second month in a row, the same four states accounted for 52 percent of the nation’s total foreclosure activity: California, Florida, Illinois and Michigan.

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Malcolm Carter
Licensed Associate Real Estate Broker
Senior Vice President
Charles Rutenberg Realty
127 E. 56th Street
New York, NY 10022

M: 347-886-0248
F: 347-438-3201

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