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Foreclosures up 25%: RealtyTrac
Foreclosures up 25%: RealtyTrac
Foreclosures up 25%: RealtyTrac
Reuters reports U.S. foreclosure activity in October rose 25% from a year earlier, although filings in Calif. fell by double-digit percentage points for the second consecutive month due to a state law slowing the foreclosure process, according to a monthly report by RealtyTrac. Foreclosure filings -- default notices, auction sales notices and bank repossessions -- rose by 5% from September to 279,561 in October, according to RealtyTrac.
That means one in every 452 U.S. housing units received a foreclosure filing in October, the firm said in its report released on Thursday.
The Calif. law, which requires lenders to contact homeowners and explore options to avoid foreclosure before initiating the process, took effect in early September and drove the state's foreclosure activity rates down, at a pace of 31.6% from August to September and 18% from September to October.
But in September, the Calif. law helped drive the national foreclosure rate down, something that did not happen in October.
"Foreclosure activity in other places rose significantly enough to offset the drop in California," said RealtyTrac Senior Vice President Rick Sharga.
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