Foreclosure filing were reported on 765,558 U.S. properties during the third quarter, up more than 3 percent from the second quarter and up 71 percent from the third quarter of 2007, according to RealtyTrac, an online foreclosure market.
In September, foreclosures declined 12 percent compared to August, but that doesn’t appear to be necessarily good news. "Much of the 12 percent decrease in September can be attributed to changes in state laws that have at least temporarily slowed down the pace at which lenders are moving forward with foreclosures," said James J. Saccacio, chief executive officer of RealtyTrac.
Compared with September 2007, foreclosures in September 2008 rose 21 percent.
States with the highest rates of foreclosure in September were Nevada, Florida, California, Arizona, Georgia, Michigan, Ohio, New Jersey, Indiana and Colorado.
Six states accounted for more than 60 percent of U.S. foreclosure activity in the third quarter with California alone accounting for 27 percent. Other states with the most foreclosures were Florida, Arizona, Ohio, Michigan and Nevada.
Source: RealtyTrac (10/23/2008)
This article is from Realtor Magazine Online Edition Daily Real Estate News for 10/23/08
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