Industry News

National foreclosures up nearly 19% in October

12,000 new foreclosures push rate to year's highest level

A nationwide report released today shows an 18.6 percent month-to-month increase in the number of U.S. properties that entered some stage of foreclosure in October. According to RealtyTrac's monthly U.S. Foreclosure market report, 81,382 properties across the nation entered a stage of foreclosure, with the October national foreclosure rate at one foreclosure for every 1,422 U.S. households. "New foreclosures increased in October to their highest level so far this year," said James J. Saccacio, CEO of RealtyTrac. "Some of the increase can be attributed to foreclosure activity ramping up again in Louisiana and Mississippi after being disrupted by the recent hurricanes. But it's possible that increasing interest rates and other economic factors are beginning to move foreclosures closer to their historic levels." RealtyTrac publishes a national database of pre-foreclosure and foreclosure properties, and includes more than 550,000 properties in more than 2,000 counties across the coun...

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