While new foreclosure filings fell, total filings declined, and the foreclosure rate improved — the volume of completed foreclosures has deteriorated.
The foreclosure process was started by residential loan servicers on 41,208 properties during November, falling 15 percent from the previous month.
An even bigger decline was recorded on a year-over-year basis, with the number of foreclosures initiated tumbling 26 percent from November 2014.
Those were some of the findings from the
U.S. Foreclosure Market Report from RealtyTrac.
Last month’s activity represented the lowest monthly total since May 2005.
More foreclosures were begun in California than in any other state: 4,145. Florida followed with 3,253, then 2,755 in New York, 2,569 in New Jersey and 2,455 in Texas.
No foreclosure starts were reported for North Dakota.
Including all types of foreclosure filings —
notices of default and lis pendens, notice of trustee’s sale and notices of foreclosure sale, and real-estate-owned filings — 104,111 U.S. properties had a filing.
retreated 10 percent from October and were down seven percent from November 2014.
In Florida, 13,606 properties were hit with a filing — more than any other state. California’s 9,492 was next, then New Jersey’s 6,448, Illinois’ 6,161 and Texas’ 5,575.
South Dakota’s 21 total filings were the fewest.
Last month’s U.S. foreclosure rate was one filing for each 1,268 housing units.
The rate was an improvement over the one-in-1,147 rate a month earlier and one-in-1,170 rate a year earlier.
The foreclosure rate was worst in Maryland, where a filing was made on each 516 properties in November. Next was New Jersey’s one-in-553 rate, then Florida’s one-in-662, Nevada’s one-in-771 and Illinois’ one-in-859.
With just one foreclosure filing for each 17,414 housing units, South Dakota had the most-favorable rate.
Mortgage servicers completed 40,329 U.S. foreclosures last month, worsening 10 percent on a month-over-month basis and soaring 60 percent on a year-over-year basis.
Completed foreclosures have risen on a year-over-year basis for
nine consecutive months.
From Jan. 1 through Nov. 30, there were 410,249 foreclosures completed.
Florida’s 6,435 repossessions were the most of any state. The 3,107 real-estate-owned filings in Texas made it the No. 2 state, then 2,567 in California, 2,338 in Illinois and 2,302 in Georgia.
seven REO filings were made in South Dakota, the fewest of any state.