Foreclosure activity rose 5 percent in October from the previous month and was 25 percent higher than October 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 279,561 properties for the month, or one in every 452 housing units in the U.S.
October marks the 34th consecutive month where foreclosure activity has increased compared to the prior year. Nevada, Arizona and Florida posted the highest foreclosure rates in October.
James J. Saccacio, chief executive officer of RealtyTrac, says recent legislation aimed at stemming the tide of foreclosures has helped in some states, but it may not be enough. “While the intention behind this legislation — to prevent more foreclosures — is admirable, without a more integrated approach that includes significant loan modifications, the net effect may be merely delaying inevitable foreclosures,” he says.
Foreclosures are the “hair ball” of the economy… Once the market will be able to clear up the foreclosure sales, the market will bounce back up. Fortunately, we don’t see a lot of foreclosures in the downtown Boston Real Estate market, that definitely helps the downtown market to remain strong.