Foreclosure filings were reported on 230,678 U.S. properties – or one in every 563 housing units – in October, a 7% increase from the previous month, but down nearly 31% from October 2010, according to new data released by Irvine, Calif.-based RealtyTrac.
Foreclosure activity by type default notices were filed for the first time on a total of 77,733 properties in October, a 10% increase from September, but down 23% from October 2010. Default notices in states using the judicial process reached an 11-month high of 39,282 in October, a 16% increase from the previous month, but down 31% from the same time last year. Default notices increased more than 25% on a month-over-month basis in several states, including Florida (28%), Pennsylvania (50%) and Indiana (61%).
Foreclosure auctions were scheduled on 85,321 U.S. properties in October, up 8% from the previous month, but down 38% from October 2010. Scheduled auctions in states using the judicial foreclosure process reached an 11-month high of 25,941, a 22% increase from the previous month, but down 43% from October 2010. Lenders repossessed a total of 67,624 properties, a 4% increase from the previous month, but down 27% decrease from the same time last year.
Nevada posted the nation's highest state foreclosure rate for the 58th straight month in October, with one in every 180 Nevada housing units recording a foreclosure filing during the month. Stockton, Calif., had the top metro foreclosure rate with one in every 143 housing units recording a foreclosure filing.
‘The October foreclosure numbers continue to show strong signs that foreclosure activity is coming out of the rain delay we've been in for the past year as lenders corrected foreclosure paperwork and processing problems,’ says James Saccacio, CEO of RealtyTrac. ‘However, recent state court rulings and new state laws keep changing the rules of the foreclosure game on the fly, creating more uncertainty in the housing market and threatening to prolong the road to a robust real estate recovery.’