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Foreclosure News | Foreclosure Resources

CA REOs Tumble

279,561 U.S. foreclosure filings in October

November 13, 2008

By MortgageDaily.com staff

RealtyTrac reported that foreclosure filings rose last month -- contradicting a report two days ago from ForeclosureS.com. California, which had more REO volume than any other state, still saw monthly REO filings tumble by a quarter.

U.S. foreclosures were 279,561 in October, RealtyTrac reported today. Activity reflects the number of properties that either had a default notice, auction sale notice or bank repossession during the month. Foreclosures climbed from 265,968 in September and 224,451 in October 2007.

Year-to-date Sept. 30, 2,528,467 foreclosure filings have been made.

October's findings from RealtyTrac, which based its statistics on a national database of 1.5 million foreclosed properties from over 2,200 counties, contradict those of ForeclosureS.com -- which said pre-foreclosures filings fell 13,000 from September. ForeclosureS.com reports a database of more than 5.5 million foreclosure listings.

California saw 56,954 total filings, more than any other state. But California foreclosures tumbled from 69,548 reported in September. SB 1137 took effect in the Golden State during September and requires lenders to make contact with borrowers at least 30 days before filing a notice of default.

"We've seen sharp declines in new foreclosure filings after legislation mandating delays to the foreclosure process was signed into law in several states -- most notably in California, where overall foreclosure activity was down by double-digit percentage points for the second straight month in October and where default filings were 44 percent below October 2007 levels," RealtyTrac Chief Executive Officer James J. Saccacio said in the report.

Florida followed, with 54,324 October filings, then Arizona, at 17,507. Nevada was No. 4, with 14,483, and Illinois was No. 5, at 12,681. Vermont had the fewest total foreclosures: 13.

Nationally, there was one foreclosure for every 452 households, worse than one filing for every 475 households in September.

With one filing for every 74 households, Nevada had the worst foreclosure rate of any state for the 22nd consecutive month. At one filing for every 149 households, Arizona was second, followed by Florida at a filing for each 157 households. California came in fourth, with one filing for every 231 households, and Colorado was next, with a filing for each 390 households.

Vermont had the lowest foreclosure rate at one filing for every 23,812 households.

Las Vegas had the highest foreclosure rate among 230 metropolitan areas tracked in the report, with a foreclosure filed on every 62 housing units. Four Florida metropolitan areas ranked in the worst 10.

"California metro areas also accounted for four of the top 10 metro foreclosure rates in October, but that was down from previous months, when at least six California metro areas consistently ranked among the top 10," the report said.

RealtyTrac said real estate owned filings were 84,868 last month, climbing from 81,312 during September. From January to October, there were 679,535 REO filings.

ForeclosureS.com's reported REO filings dropped 23,214 from September to last month.

While California saw the highest level of REO filings -- 20,631 -- it saw REOs decrease 6,742 from September, RealtyTrac said. Florida was No. 2, with 7,040 October REO filings, then Arizona, at 6,275. Next was Michigan, which had 5,736 REOs, and Texas, with 4,392.

With just three REO filings, South Dakota had the lowest of all states.

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