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Foreclosure activity rises in October

RealtyTrac: New state law results in a 75% drop in default notices in Nevada

In another sign foreclosure activity is ramping up, foreclosure filings rose nationwide in October compared to the month before, according to the latest report from foreclosure data site RealtyTrac. One in every 563 housing units, or 230,678 properties, received a filing -- a default notice, scheduled auction, or bank repossession -- in October. While that's a 7 percent jump from September, filings were still down nearly 31 percent from October 2010. "The October foreclosure numbers continue to show strong signs that foreclosure activity is coming out of the rain delay we've been in for the past year as lenders corrected foreclosure paperwork and processing problems," said James Saccacio, RealtyTrac's CEO, in statement. The number of homes receiving default notices increased 10 percent month to month in October, to 77,733 properties, though that's still down 23 percent from October 2010. In states that follow a judicial foreclosure process, default notices reached ...

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