Foreclosure activity falls in November

Despite fears that a high unemployment rate would trigger a wave of foreclosure filings, U.S. foreclosure activity decreased nearly 8 percent in November, according RealtyTrac's monthly U.S. Foreclosure Market Report.

RealtyTrac collects distressed property data from more than 2,200 counties nationwide, representing more than 90 percent of the U.S. population.

Foreclosure filings -- including default notices, scheduled foreclosure auctions and bank repossessions -- were up 18 percent year-over-year, but down 15 percent from from their peak in July, when one in every 355 U.S. housing units received a foreclosure filing.

That rate is now one in every 417 units for a total of 306,627 U.S. properties. November is the ninth straight month that more than 300,000 properties nationwide have received foreclosure filings.

"Loan modifications and other foreclosure prevention efforts, along with the recently extended and expanded homebuyer tax credit, are keeping a lid on the most visible symptoms of the nation's ailing housing market -- foreclosures and home-value depreciation," said James J. Saccacio, chief executive officer of RealtyTrac, in a statement.

"But a full recovery will only come when unemployment recedes to normal, healthy levels and when availability of credit reaches a more rational balance between the extremes of the past few years," he added.

Although Nevada foreclosure activity decreased significantly for the second straight month, the state continues to suffer the nation's top foreclosure rate with one in every 119 housing units receiving a filing in November. That's 3.5 times the national average.

Florida posted the second-highest rate, one in 165, and took the No. 2 spot from California, which was bumped down to No. 3, at one in 180. Arizona and Idaho were next on the list with one in 186 and one in 259 filings, respectively. ...CONTINUED

All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.