Industry News

National foreclosures up 17% from previous quarter

Tracking service says softening market impacting homeowners

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National property foreclosures were up in the third quarter compared to the previous quarter and year-ago findings due to a softening real estate market and higher interest rates, a foreclosure tracking service reported today. In the third quarter, 318,355 properties entered some stage of foreclosure, up 17 percent from the previous quarter and up 43 percent from the same period last year, according to RealtyTrac. The nation had a foreclosure rate of one foreclosure filing for every 363 households during the quarter, slightly higher than last quarter's rate of one foreclosure filing for every 425 households, but lower than the first-quarter rate of one foreclosure filing for every 358 households. "Higher interest rates and a general softening of the real estate market are the two key factors contributing to the 43 percent increase in foreclosure filings from the third quarter of 2005," said James J. Saccacio, CEO of RealtyTrac. "What our third-quarter research appears to be showing i...