According to a Real Estate U.S. Foreclosure Market Report, Foreclosures Have Decreased From Same Time Last Year

RealtyTrac released their U.S. Foreclosure Market Report for October 2011 which shows that foreclosure filings (default notices,scheduled auctions and bank repossessions) we’re reported on 224,394 properties in the U.S. during the month, a 3% increase from the previous month and a decrease 14% from the October of 2010. During the month, 1 out of every 579 homes during October 2011 in the U.S. had a foreclosure filing.

Highlights from the U.S. Foreclosure Market Report for November,2011:

• Foreclosure auctions were scheduled on 96,540 U.S. properties during the month, up 13% from the previous month, but still down 17% from a October 2010.
• Scheduled foreclosure auctions increased more than 35 percent on a monthly basis in several states,including California (+63%),Washington (+56%),Ohio (+53%),New Jersey (+44%), and New York (+38%).
• Lenders repossessed (REO) a total of 56,124 U.S. properties in November, a 17% decrease from October and also a 17% decrease from November 2011. REO activity in November was at its lowest level since March 2008, a 44-month low.
• Nevada posted the nation’s highest foreclosure rate for the 59th straight month in November despite artificially low foreclosure activity caused by a new state law passed in October (AB 284) that alters the foreclosure process in the state. A total of 6,512 Nevada properties received a foreclosure filing in November, up 3% from a 45-month low in October, but still down 43% from November 2010. One in every 175 Nevada housing units had a foreclosure filing in November, more than three times the national average.
• Scheduled trustee’s sales in California hit a 10-month high in November,helping the state maintain the nation’s second highest foreclosure rate:one in every 211 properties with a foreclosure filing during the month. A total of 26,509 trustee’s sales were scheduled in California in November,up 14 percent from November 2010 — the first year-over-year increase in scheduled foreclosure auctions in California since March 2010.
• Arizona foreclosure activity increased on a year-over-year basis in November for the first time since October 2010, and the state posted the nation’s third highest foreclosure rate for the fifth month in a row. One in every 256 Arizona properties had a foreclosure filing in November,more than twice the national average.
• Substantial monthly increases in foreclosure activity in Utah and Georgia lifted those states’ foreclosure rates into the nation’s top five in November. Utah’s foreclosure rate of one in every 290 housing units with a foreclosure filing ranked No. 4 thanks to a 74 percent monthly increase in foreclosure activity,and Georgia’s foreclosure rate of one in every 330 housing units with a foreclosure filing ranked No. 5 thanks to a 23 percent monthly increase in foreclosure activity.
• Other states with foreclosure rates ranking among the top 10 were Michigan,Florida,Illinois,Ohio and South Carolina. South Carolina cracked the top 10 for the first time since RealtyTrac began issuing its report in 2005.
• Kansas Foreclosure Stats: 1 in every 1,552 homes received a foreclosure filing.
• Missouri Foreclosure Stats: 1 in every 1,164 homes received a foreclosure filing.

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Blog post written by the Dowell Taggart Team of RE/MAX Premier Realty 

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