Foreclosures Up Across the Board in November
Foreclosures hit their highest level of the year so far in November, with 120,334 new foreclosure filings reported nationwide during the month, according to the
RealtyTrac U.S. Foreclosure Market Report released last week.
The report shows increases in all three phases of the foreclosure process — default, auction and bank repossession. Defaults and auctions each accounted for about 40 percent of the total, while bank repossessions accounted for about 20 percent of the total.
The national foreclosure rate of one new foreclosure filing for every 961 households represented a 4 percent increase from the previous month and a 68 percent increase from November 2005.
With one new foreclosure filing for every 346 households Nevada moved past Colorado to claim the top state foreclosure rate. California reported more than 19,000 new foreclosure filings, the most of any state for the second month in a row.
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