Foreclosure Filings Down 4 Percent in October

November 11 2010 (Jeff Alan)
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RealtyTrac is reporting that there were 332,172 foreclosure filings in the month of October, a four percent decline compared to September. That puts the level of homes in some stage of foreclosure exactly where it was at a year ago, one in every 389 homes.

Five states accounted for more than 50 percent of the foreclosure filings: California, Florida, Michigan, Illinois, and Arizona.

Banks foreclosed on 93,236 properties in October, sharply lower than September’s record high of just above 100,000 homes, as foreclosure processing was stalled by questionable paperwork.

“The numbers probably would have been higher except for the fallout from the recent ‘robo-signing’ controversy,” said James J. Saccacio, chief executive officer of RealtyTrac. Saccacio said he expects further declines in November.

October was the twentieth consecutive month where more than 300,000 U.S. homeowners received a foreclosure filing.

Nevada, Florida and Arizona continued to post the highest foreclosure rates in the country. One in every 79 housing units in Nevada received a foreclosure filing in October, five times more than the national average and close to double Florida’s one in every 155 unit rate.

Despite the lull due to the “robo-signing” controversy, the year is still expected to post record levels of foreclosure activity.

Tags: foreclosure filings, robo-signing, homeowner, foreclosures, foreclosure rates