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Foreclosure News | Foreclosure Resources

Foreclosure Filings Rise

177,254 November pre-foreclosures

December 9, 2008

By MortgageDaily.com staff

Monthly foreclosure activity worsened, but at least two foreclosure hot spot states saw some improvement.

During November, 177,254 pre-foreclosures were filed, ForeclosureS.com reported today. Filings increased from a revised 167,906 in October.

Filings included notices-of-default and notices-of-foreclosure auction.

Year-to-date Nov. 30, 1,986,382 pre-foreclosures have been filed, climbing from 1,082,712 during the same period in 2007.

ForeclosureS.com said 27.1 foreclosures were filed for every 1,000 U.S. households last month. From January through November, 24.6 filings occurred per 1,000 households.

In Nevada, RealtyStore recently reported 20,190 NODs were filed during the third quarter, 109 percent higher than the third-quarter 2007. RealtyStore said 14,361 third-quarter auction notices were filed, climbing 187 percent.

In Arizona, pre-foreclosures fell 5 percent.

But November real estate owned filings totaled 84,291, down a revised 84,534 the previous month. In November 2007, 72,101 REOs were reported.

REO filings during the first 11 months of 2008 were 931,556, representing 12.6 repossessions for every 1,000 households. Year-to-date REOs climbed from 526,936 during the first 11 months of last year.

California REOs numbered 15,978 in November, off 7 percent from October. The decline was impacted by SB 1137, which was signed into law by Gov. Arnold Schwarzenegger in July and requires lenders to contact borrowers prior to foreclosing and explore restructuring options.

Arizona REOs fell 5 percent.

ForeclosureS.com, which lists foreclosed properties, predicts "housing markets will roar back in 2009" with buyers leaping back "into this market in droves, depleting our housing oversupply, and actually put higher price pressures on the market."

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