RealtyTrac, a for profit marketplace for foreclosed properties which is seen as the leading indicator of foreclosures nationwide reported that foreclosure filings fell 3% in October, the third straight month of decline.
"Three consecutive monthly declines is unprecedented for our report, and on first blush an indication that the foreclosure tide may be turning," said James J. Saccacio, chief executive officer of RealtyTrac. "However, the fundamental forces driving foreclosure activity in this housing downturn-high-risk mortgages, negative equity, and unemployment-continue to loom over any nascent recovery. And despite all the efforts and resources directed at helping homeowners avoid foreclosure, we continue to see foreclosure activity levels that are substantially higher than a year ago in most states."
Aside from the decline in filings, little about the overall foreclosure situation changed, RealtyTrac reported. Nevada, California and Florida still lead the nation as the three states with the highest foreclosure rates with Arizona, Idaho, Illinois, Michigan, Georgia, Maryland and Utah filling out the top ten.
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