Industry News

National real estate foreclosures down

Lower foreclosure rates in Gulf Coast states offset increases

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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...