Industry News

National foreclosures remain high

Colorado, Nevada, Michigan report highest foreclosure rates in September

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Property foreclosures nationwide remained high in September as housing markets continued to cool across the country. The number of residential properties entering some stage of foreclosure during September was 112,210, down 1 percent from the previous month, and up 63 percent from September 2005, according to foreclosure tracking service RealtyTrac. The national foreclosure rate now stands at one new foreclosure filing for every 1,030 U.S. households, the third-highest monthly foreclosure rate reported this year, the company said. "September was the second straight month in which more than 110,000 new foreclosure filings were reported nationwide, evidence that the spike in August was not just a one-month anomaly," said James J. Saccacio, chief executive officer of RealtyTrac. "Foreclosure filings are up 39 percent year to date and have already surpassed the total number reported in all of 2005. If they continue at the current pace, foreclosures will exceed the 1.2 million mark by the...