Foreclosure activity decreased 7 percent in November from the previous month, but was still 28 percent higher than November 2007, according to the latest report from RealtyTrac, an online marketer of foreclosure properties. Foreclosure filings — which include default notices, auction sale notices and bank repossessions — were reported on 259,085 properties for the month, or one in every 488 U.S. housing units.
November marks the 35th consecutive month where foreclosure activity has increased compared to the prior year. Nevada, Florida and Arizona posted the highest foreclosure rates in November.
James J. Saccacio, chief executive officer of RealtyTrac, attributes the decrease in foreclosures 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. “There are several indications, however, that this lower activity is simply a temporary lull before another foreclosure storm hits in the coming months,” Saccacio says