Foreclosure filings were reported on 186,455 U.S. properties – one in every 706 housing units – in October, an increase of 3% from September but a 19% drop from October 2011, according to new data from RealtyTrac.
The three states with the biggest annual increases in foreclosure activity in October were those impacted by Hurricane Sandy: New Jersey (140%), New York (123%) and Connecticut (41%). However, RealtyTrac notes that an analysis of October foreclosure activity and inventory in the counties most impacted was down 8% from September, but up 92% from a year ago, and an estimated $41 billion in foreclosure inventory in those counties.
Florida posted the nation's highest foreclosure rate for the second month in a row, with one in every 312 housing units with a foreclosure filing in October, followed by Nevada, Illinois, California and Arizona. Foreclosure activity increased on a month-over-month basis in more than half of the 212 metro areas tracked in the report.
‘We continued to see vastly different foreclosure trends across the country in October, depending primarily on how each state's foreclosing infrastructure was able to handle the high volume of delinquent loans during the worst of the foreclosure crisis in 2010,’ says Daren Blomquist, vice president of RealtyTrac.