Foreclosure activity topped 330,000 units in October, a 4% decline from September — but only because of the national robo-gate scandal, according to new figures compiled by RealtyTrac, Irvine, Calif.
The company noted that October marks the 20th consecutive month where more than 300,000 mortgagors received a foreclosure notice of some sort. (Foreclosure-related filings include default notices, scheduled auctions, and bank repossessions.)
Compared to October 2009, foreclosure activity was flat in terms of units. "The numbers probably would have been higher except for the fallout from the recent 'robo-signing' controversy," said James Saccacio, CEO of RealtyTrac.
Even though all foreclosure activity declined slightly on a national level, default notices rose in both Florida and Ohio, two states hard hit by the housing downturn. On the plus side, NODs fell 9% in California compared to the previous month. Nevada and Michigan had even better results with NODs falling 17% and 18%, respectively.
According to RealtyTrac, five states accounted for 50% of all foreclosures in October with California and Florida topping the list.
