Foreclosure filings were reported on 306,627 properties in November – a nearly 8% drop from the previous month but up 18% from November 2008, RealtyTrac reports. One in every 417 U.S. housing units received a filing during the month.
‘November was the fourth straight month that U.S. foreclosure activity has declined after hitting an all-time high for our report in July, and November foreclosure activity was at the lowest level we've seen since February,’ says James J. Saccacio, CEO of RealtyTrac. "This is providing a welcome respite for the real estate industry, but a full recovery will only come when unemployment recedes to normal, healthy levels and when availability of credit reaches a more rational balance between the extremes of the past few years."
Default notices nationwide were down 8% from the previous month (up 22% from November 2008), scheduled foreclosure auctions were down 12% from the previous month (up 32% year over year) and bank repossessions were flat from the previous month and down 2% from November 2008.
Nevada foreclosure activity decreased by a double-digit percentage for the second straight month, but the state continued to document the nation's top foreclosure rate, with one in every 119 housing units receiving a foreclosure filing in November – 3.5 times the national average. A total of 9,295 Nevada properties received a foreclosure filing during the month – a 33% decrease from the previous month and a 33% decrease from November 2008. Nevada's November total was 52% below its July total of 19,535 properties with foreclosure filings.
Florida supplanted California having the nation's second-highest state foreclosure rate, as one in every 165 received a filing. In California, one in every 180 units received a filing.
After three straight months of decreases, Arizona foreclosure activity increased nearly 8% in November, and the state documented the nation's fourth-highest foreclosure rate, with one in every 186 housing units receiving a foreclosure filing.
For the second month in a row, the same four states – California, Florida, Illinois and Michigan -Â accounted for 52% of the nation's total foreclosure activity.
Despite a 13% decrease in foreclosure activity from the previous month, California continued to post the highest total of any state, with 73,995 properties receiving a foreclosure filing in November.
A total of 52,935 Florida properties received foreclosure filings during the month – an increase of nearly 2% from the previous month and up nearly 8% from November 2008.
Illinois foreclosure activity decreased nearly 18% from a record high in October, but the state's 16,422 properties receiving foreclosure filings in November was still nearly 108% higher than November 2008 and the third highest among all the states.
A total of 15,988 Michigan properties received foreclosure filings in November – a decrease of nearly 3% from the previous month but still nearly 10% above the state's total in November 2008.