U.S. FORECLOSURE ACTIVITY DECREASES 8 PERCENT IN NOVEMBER

U.S. FORECLOSURE ACTIVITY DECREASES 8 PERCENT IN NOVEMBER
By RealtyTrac Staff

Activity Up 18 Percent From November 2008, But Down 15 Percent From July Peak
More Than 300,000 Properties Receive Foreclosure Filings for Ninth Straight Month

IRVINE, Calif. – Dec. 10, 2009 – RealtyTrac®, the leading online marketplace for foreclosure properties, today released its November 2009 U.S. Foreclosure Market Report™, which shows foreclosure filings — default notices, scheduled foreclosure auctions and bank repossessions — were reported on 306,627 U.S. properties during the month, a decrease of nearly 8 percent from the previous month but still up 18 percent from November 2008. The report also shows one in every 417 U.S. housing units received a foreclosure filing in November.

“November was the fourth straight month that U.S. foreclosure activity has declined after hitting an all-time high for our report in July, and November foreclosure activity was at the lowest level we’ve seen since February,” said James J. Saccacio, chief executive officer of RealtyTrac. “Loan modifications and other foreclosure prevention efforts, along with the recently extended and expanded homebuyer tax credit, are keeping a lid on the most visible symptoms of the nation’s ailing housing market — foreclosures and home value depreciation. This is providing a welcome respite for the real estate industry, but a full recovery will only come when unemployment recedes to normal, healthy levels and when availability of credit reaches a more rational balance between the extremes of the past few years.”

Default notices nationwide were down 8 percent from the previous month but still up 22 percent from November 2008, scheduled foreclosure auctions were down 12 percent from the previous month but still up 32 percent from November 2008, and bank repossessions were flat from the previous month and down 2 percent from November 2008.

Nevada, Florida, California post top state foreclosure rates Nevada foreclosure activity decreased by a double-digit percentage for the second straight month, but the state continued to document the nation’s top foreclosure rate with one in every 119 housing units receiving a foreclosure filing in November — 3.5 times the national average. A total of 9,295 Nevada properties received a foreclosure filing during the month, a 33 percent decrease from the previous month and also a 33 percent decrease from November 2008. Nevada’s November total was 52 percent below its July total of 19,535 properties with foreclosure filings.

Florida posted the nation’s second highest state foreclosure rate in November with one in every 165 housing units receiving a foreclosure filing during the month. Florida took the No. 2 spot from California, which posted the nation’s third highest foreclosure rate — one in every 180 housing units received a foreclosure filing during the month.

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