Industry NewsMarkets & Economy

Foreclosure activity falls in November

Florida's foreclosure rate surpasses California's

Despite fears that a high unemployment rate would trigger a wave of foreclosure filings, U.S. foreclosure activity decreased nearly 8 percent in November, according RealtyTrac's monthly U.S. Foreclosure Market Report. RealtyTrac collects distressed property data from more than 2,200 counties nationwide, representing more than 90 percent of the U.S. population. Foreclosure filings -- including default notices, scheduled foreclosure auctions and bank repossessions -- were up 18 percent year-over-year, but down 15 percent from from their peak in July, when one in every 355 U.S. housing units received a foreclosure filing.That rate is now one in every 417 units for a total of 306,627 U.S. properties. November is the ninth straight month that more than 300,000 properties nationwide have received foreclosure filings. "Loan modifications and other foreclosure prevention efforts, along with the recently extended and expanded homebuyer tax credit, are keeping a lid on the most visi...