Foreclosure Activity Flat in October
U.S. Foreclosure activity increased 2 percent in October, according to the RealtyTrac U.S. Foreclosure Market Report released today. The report showed a total of 224,451 foreclosure filings, including default notices, auction notices and bank repossessions for the month, still up 94 percent from October 2006. It also showed a foreclosure rate of one foreclosure filing for every 555 households.
RealtyTrac CEO James J. Saccacion noted that while overall foreclosure activity was basically flat, looking more closely at the numbers showed a more complex picture.
“Default notices were down nearly 9 percent in October, indicating that some of the efforts on the part of homeowners, lenders and advocacy groups to find alternatives to foreclosure may be starting to have an impact," he said. "On the other hand, bank repossessions were up nearly 35 percent, evidence that more homeowners who enter foreclosure are losing their homes."
View complete report.