IRVINE, Calif. – The number of U.S. homeowners facing foreclosure rose last month to 224,451, an increase of 2.09 percent from September and 94.22 percent from October 2006, RealtyTrac Inc. said today in its monthly report.
“Overall foreclosure activity continues to register at a high level compared to last year, but it appears to have leveled off over the past two months after hitting a high for the year in August,” RealtyTrac CEO James J. Saccacio said in a statement this morning.
“Default notices were down nearly 9 percent in October, indicating that some of the efforts on the part of homeowners, lenders and advocacy groups to find alternatives to foreclosure may be starting to have an impact. On the other hand, bank repossessions were up nearly 35 percent, evidence that more homeowners who enter foreclosure are losing their homes.”
The highest rate for the 10th straight month was in Nevada, where the October rate of 1 filing for every 154 households was 3.6 times the national average. California edged up to No. 2, with 1 filing for every 258 houses. Florida, last month’s No. 2, was close behind with 1 filing for every 273 households. Filling out the Top 10 were Ohio, Georgia, Michigan, Colorado, Arizona, Indiana and Illinois.
Rhode Island’s ranking worsened to 28th highest in October, from 29th in September and 24th in August, as the state’s foreclosure rate rose 30.69 percent over the month to 1 for every 1,237 households. A total of 362 foreclosure actions were reported statewide last month.
Massachusetts improved five notches to 19th highest, from 14th in September and 12th in August, as the Bay State’s foreclosure rate fell 16.81 percent over the month to 1 filing per 926 households. A total of 2,904 foreclosure actions were reported in the state last month.
RealtyTrac Inc. is a publisher of data and advice for real estate markets nationwide. To learn more, visit www.RealtyTrac.com.
