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Foreclosure News | Foreclosure Resources

Foreclosures Ease in October

177,000 pre-foreclosure filings last month

November 11, 2008

By MortgageDaily.com staff

As state legislation held off the inevitable, monthly foreclosure filings eased.

U.S. pre-foreclosures filings were around 177,000 in October, according to data reported by ForeclosureS.com Monday. Filings fell for the second consecutive month from around 190,000 in September but were higher than 128,019 during October 2007.

Pre-foreclosures -- which include notices-of-default and foreclosure auction filings -- were down in about half of the states.

Findings were derived from a database of more than 5.5 million foreclosure listings.

ForeclosureS.com called the recent decline promising and attributed the improvement to efforts by lenders, organizations and government entities.

But rival RealtyTrac recently explained that the decrease was only temporary and was the result of legislation in some states that is only delaying -- not preventing -- foreclosure filings.

In California, where SB 1137 took effect in early September, foreclosures fell to 69,548 in September from 101,724 in August. Notices-of-default in North Carolina dropped 66 percent to 834 because of House Bill 2623.

From January 2008 to October 2008, 1.76 million U.S. pre-foreclosures have been filed, accounting for 24.6 out of every 1,000 U.S. households. Nearly one-third of year-to-date activity was concentrated in 10 counties located in Arizona, California, Florida, Nevada and Illinois.

Real estate-owned filings reached 84,286 last month, down from 107,500 in September to the lowest level since May. REOs, however, were up significantly from 54,418 in October 2007.

Year-to-date REOs were 828,670, impacting 11.5 out of every 1,000 households. About 30 percent of year-to-date REOs were in 10 counties throughout Arizona, California, Illinois, Michigan, Nevada and Texas. Last year from January through October, approximately 483,000 REOs had been filed.

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