Foreclosure Activity Still Up 28% From Nov. 2007

In its November 2008 U.S. Foreclosure Market Report, RealtyTrac said foreclosure filings 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. 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 said. Geographically, 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. Florida's rate moved up to the No. 2 spot thanks to an even bigger monthly decrease in Arizona, which posted the third highest rate with filings on 13,136 properties. Filings were reported on 60,491 California properties in November, the most of any state and a 6% increase from October. Florida posted 49,190 filings, up 68% from a year ago. Michigan foreclosures increased 28% from October with 14,594 filings. Visit www.realtytrac.com for more information.