Industry News

Foreclosure slide: calm before storm?

Warning signs loom despite 3 months of decline

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U.S. foreclosure filings fell for the third straight month in October -- which "at first blush" may indicate the tide is turning, though fundamental forces driving foreclosures "continue to loom," with filings up about 19 percent compared to October 2008, foreclosure data provider RealtyTrac reported today. James J. Saccacio, chief executive officer for RealtyTrac, reported that "high-risk mortgages, negative equity and unemployment" are among the contributors to higher foreclosure activity on a year-over-year basis in most states. RealtyTrac reported 332,292 U.S. foreclosure filings in October, down 3.3 percent from September and up 18.9 percent compared to October 2008. Nevada had the highest rate of foreclosure filings, with one in 80 housing units in that state receiving a foreclosure filing in October -- and a total of 13,842 Nevada properties receiving a filing. That volume, though, actually represents a 4 percent decline from October 200...