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Foreclosure News | Foreclosure Resources

Foreclosures Fall

201,950 November filings

December 19, 2007

By MortgageDaily.com staff


Led by a decline in real estate owned, foreclosures fell last month. Filings in the Golden State were down twice as much as they were nationally.

In November, 201,950 foreclosures were filed nationwide, RealtyTrac reported today. Filings fell 10 percent from 224,451 during October but rose from 120,334 foreclosures a year earlier.

"The 10 percent drop in November is the first double-digit monthly decrease we've seen since April 2006," RealtyTrac Chief Executive Officer James J. Saccacio said in the statement.

The Irvine, Calif.-based listing service said one foreclosure was filed for every 617 U.S. households.

Foreclosure filings include default notices, auction sale notices and bank repossessions, according to the report. The figures were derived from the company's database of over 1 million properties from nearly 2,500 counties.

With 39,992 filings, California had more foreclosures than any other state -- though the figure was a 21 percent drop from October, RealtyTrac reported. Florida followed, with 29,238 filings, then Ohio, at 16,308 foreclosures.

With just six foreclosures, Vermont had the fewest filings of any state, the data indicated. The state also had the lowest rate, with one filing for every 51,224 households.

Looking at just REOs, California topped the list at 8,259, followed by Ohio, with 6,778, and Michigan, at 4,359, according to the announcement. Nationally, REOs were 46,438 last month -- down 13 percent from 53,609 in October.

But the state with the highest foreclosure rate was Nevada, at one filing per 152 households, RealtyTrac said. Florida was No. 2, with one filing for every 282 households, followed by Ohio, with a filing for every 307 households.

"California cities accounted for five of the nation's top 10 metro foreclosure rates in November, one fewer than in the previous month," RealtyTrac stated. "Stockton, Calif. -- more than six times the national average. Modesto, Calif., took the No. 2 spot, with one foreclosure filing for every 104 households, and Merced, Calif., took the No. 3 spot, with one foreclosure filing for every 106 households."

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