Foreclosures Decline From Summer Peak

Federal policies aimed at rescuing at-risk homeowners have helped curb foreclosure filings across the US, even as job losses and credit troubles continue to pose a threat. With …

Federal policies aimed at rescuing at-risk homeowners have helped curb foreclosure filings across the US, even as job losses and credit troubles continue to pose a threat. With default rates still higher than the previous year, housing market recovery has a long way to go. Nowhere is this more apparent than in Nevada, where even back-to-back double-digit monthly declines in foreclosure filings weren’t enough to knock the state from the top of the foreclosure list. See the following article from Property Wire for more on this.

Property foreclosure filings are decreasing in the US but the number of owners getting into difficulty is still up 18% on the same time last year, according to the latest published figures.

Overall default notices, scheduled foreclosure auctions and bank repossessions fell nearly 8% in November and are down 15% from their peak in July, the data from RealtyTrac shows. Levels of foreclosure activity have now fallen for four months in a row and are at the lowest level 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, said James Saccacio, chief executive officer of RealtyTrac.

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‘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,’ he added.

Default notices nationwide were down 8% from the previous month but still up 22% from November 2008, while scheduled foreclosure auctions were down 12% but up 32% from the same time last year. Bank repossessions were flat from the previous month and down 2% from November 2008.

Nevada foreclosure activity decreased by a double-digit percentage for the second straight month but the state continued to document the nation’s top foreclosure rate with one in every 119 housing units receiving a foreclosure filing in November, some 3.5 times the national average.

Florida posted the nation’s second highest state foreclosure rate in November with one in every 165 housing units receiving a foreclosure filing during the month. Florida took the number two spot from California, which posted the nation’s third highest foreclosure rate with one in every 180 housing units received a foreclosure filing during the month.

After three straight months of decreases Arizona’s foreclosure activity increased nearly 8% in November and the state documented the nation’s fourth highest foreclosure rate with one in every 186 housing units receiving a foreclosure filing.

Despite a nearly 2% decrease in foreclosure activity from the previous month, Idaho posted the fifth highest state foreclosure rate in November with one in every 259 housing units receiving a foreclosure filing.

Other states with foreclosure rates ranking among the nation’s 10 highest were Michigan, Illinois, Utah, Maryland and New Jersey. For the second month in a row, the same four states accounted for 52% of the nation’s total foreclosure activity: California, Florida, Illinois and Michigan.

This article has been republished from Property Wire. You can also view this article at
Property Wire, an international real estate news site.

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