Industry News

RealtyTrac reports Q3 foreclosures up nearly 34%

Nevada, California, Florida have highest rates

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An estimated 446,726 properties were hit with foreclosure filings during the third quarter, a 33.9 percent increase from the previous quarter and more than double the number a year ago, according to data aggregator RealtyTrac. Nevada, California and Florida posted the highest rates of foreclosure in the nation, followed by Michigan, Ohio, Colorado, Arizona, Georgia, Indiana and Texas. All but five states in the nation saw year-over-year increases in foreclosure rates, RealtyTrac reported, and August and September saw the highest number of total foreclosure filings since the company began issuing reports in January 2005. "Given the number of loans due to reset through the middle of 2008, and the continuing weakness in home sales, we would expect foreclosure activity to remain high and even increase over the next year in many markets," James J. Saccacio, chief executive officer of RealtyTrac, said in a statement. The 635,159 foreclosure filings -- including default notices, ...