WASHINGTON — Foreclosure filings were started on 259,085 in November, a 7% decline from October but a 28% increase from November 2007, according to a report released today by RealtyTrac, an online seller of foreclosed properties.
The firm said the month-to-month decline was because some states have changed laws to extend the foreclosure process and the rate could shoot up again in the months ahead.
During November, one in every 488 U.S. households received a foreclosure.
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The highest rates were in Nevada, Florida, Arizona, California and Michigan, where the rates were one in 76, one in 173, one in 198, one in 218 and one in 309, respectively.
The highest number of foreclosures occurred in California (60,491), Florida (49,190) and Michigan (14,594).
The Cape-Coral-Ft. Myers, Florida metropolitan area had the highest foreclosure rate, one in 59 households and nine of the 10 areas with the highest foreclosure rates are in California and Florida. Las Vegas is the only metropolitan area from outside those states on the list.
At first glance this appears to indicate that all the attention to foreclosure prevention on the part of lenders, government entities and others recently may be helping to keep more homeowners from falling into foreclosure. But there are some ominous signs on the horizon that the decrease may simply be the calm before the storm," RealtyTrac said in a statement.
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