Industry News

National real estate foreclosures down

Lower foreclosure rates in Gulf Coast states offset increases
Published on Oct 25, 2005

National real estate foreclosures decreased 9.2 percent in September from the previous month, continuing a two-month decline, according to a report released today by RealtyTrac, an online marketplace for foreclosures. A total of 68,646 properties nationwide entered some stage of foreclosure in September, the report shows. "Foreclosures in September dropped for the second month in a row, at least in part due to issues related to Hurricanes Katrina and Rita," said RealtyTrac CEO James J. Saccacio. "Trends in the real estate market in general – and foreclosure properties in particular – will be interesting to watch over the next few months as new economic forces such as increasing interest rates and the recently-passed bankruptcy laws come into play." Despite the lower foreclosure rates nationally, a number of states showed increased numbers of foreclosures. Colorado reported 3,602 properties entering some stage of foreclosure, a 50 percent increase from August and one fo...

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