Industry News

Real estate foreclosures hit 2006 high

Filings climb steadily from August, report finds

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U.S. property foreclosures soared in October to the highest monthly level this year as housing markets continued to cool, an industry report stated. Some 115,568 properties entered some stage of foreclosure last month, up 3 percent from September, and up 42 percent from October 2005, according to foreclosure tracking service RealtyTrac. The RealtyTrac report also shows a national foreclosure rate of one new foreclosure filing for every 1,001 U.S. households, the highest monthly foreclosure rate reported so far this year. "So far this year more than 1 million properties have entered some stage of foreclosure nationwide, up 27 percent from the same time last year," said James J. Saccacio, chief executive officer of RealtyTrac. "Monthly foreclosure filings hit their highest mark of the year so far in October, mirroring the trend from last year, when the most foreclosures of the year were also reported in October. Our data from the last three months shows that foreclosures are definitely...