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Data Shows 28% Increase in Foreclosures in Nov.

In its November 2008 U.S. Foreclosure Market Report, RealtyTrac said foreclosure filings, including default notices, auction sale notices and bank repossessions, were reported on 259,085 properties during the month, a 7% decrease from October but still up 28% from November 2007.

"Foreclosure activity in November hit the lowest level we've seen since June thanks in part to recently enacted laws that have extended the foreclosure process in some states, along with more aggressive loan modification programs and self-imposed holiday foreclosure moratoriums introduced by some lenders," said James J. Saccacio, CEO of RealtyTrac." There are several indications, however, that this lower activity is simply a temporary lull before another foreclosure storm hits in the coming months." He said more than half of the homeowners who received loan modifications to reduce monthly mortgage payments in the first half of 2008 are already delinquent on their loans again, according to the U.S. Office of Thrift Supervision.

Many of these delinquencies could turn into foreclosures next year, he added. Nevada foreclosure activity in November decreased nearly 4% from October, but the state maintained the nation's No. 1 foreclosure rate. Filings were reported on 13,962 Nevada properties, up 109%from November 2007. Florida's foreclosure rate moved up to the No. 2 spot thanks to an even bigger monthly decrease in Arizona. With one in every 198 housing units receiving a foreclosure filing, Arizona posted the nation's third highest rate despite a nearly 25% decrease from October. Filings were reported on 13,136 Arizona properties, up nearly 128% from November 2008.

Filings were reported on 60,491 California properties in November, the most of any state and a 6% increase from October. The state's foreclosure activity was up 51% from November 2007. Florida continued right behind and posted 49,190 filings, up 68% a year ago. Michigan foreclosure activity in November increased 28% from October, giving the state 14,594 properties with foreclosure filings. Michigan's foreclosure activity was up 27% from November 2007.

Nevada, Arizona, Ohio, Georgia, Illinois, Texas and Virginia also reported foreclosure totals that were among the nation's 10 highest.

California and Florida cities account for nine of the top 10 metro foreclosure rates.

With one in every 59 housing units receiving a foreclosure filing in November, Cape Coral-Fort Myers, Fla., posted the highest metropolitan foreclosure rate among the 230 metro areas tracked in the report. Two other Florida cities ranked among the top 10 in terms of foreclosure rate: Fort Lauderdale at No. 7, with one in every 117 housing units receiving a foreclosure filing; and Port Lucie-Fort Pierce at No. 8, with one in every 118 housing units receiving a foreclosure filing.

Las Vegas was the only city not in Florida or California with a foreclosure rate that ranked among the top 10. One in every 61 Las Vegas housing units received a foreclosure filing in November, the second highest metro foreclosure rate.

California accounted for the remainder of the top 10 metro foreclosure rates. Merced was at No. 3, with one in every 76 housing units receiving a foreclosure filing; Modesto was at No. 4, with one in every 93 housing units receiving a foreclosure filing; Stockton was at No. 5, with one in every 94 housing units receiving a foreclosure filing; Riverside-San Bernardino was at No. 6, with one in every 107 housing units receiving a foreclosure filing; Bakersfield was at No. 9, with one in every 129 housing units receiving a foreclosure filing; and Vallejo-Fairfield was at No. 10, with one in every 133 housing units receiving a foreclosure filing.