Foreclosures Decline for Fourth-Straight Month

Foreclosures declined 8 percent in November compared with October, but were still up 18 percent from November 2008.

This was the fourth-straight month that U.S. foreclosures have declined since hitting an all-time high in July, according to online foreclosure marketer RealtyTrac.

Default notices, an indicator of coming foreclosures, also were down 8 percent from October, but up 22 percent from November 2008. Bank repossessions were flat from the previous month and down 2 percent from November 2008.

“We don’t really believe the underlying problems have been resolved,” said Rick Sharga, senior vice president for RealtyTrac. Many borrowers, he told the Associated Press, “simply aren’t going to qualify” for government and mortgage servicer help.

States with the highest foreclosure rates are:

  • Nevada
  • Florida
  • California
  • Arizona
  • Idaho
  • Michigan
  • Illinois
  • Utah
  • Maryland
  • New Jersey

Four states account for more than 50 percent of actual foreclosures: California, Florida, Illinois, and Michigan.


Source:  RealtyTrac | Dec 10, 2009

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This entry was posted in Foreclosures, general, Home Buyer Tax Credit 2009, Housing Market News Update, mortgage, New York Real Estate and tagged , , , , , , , . Bookmark the permalink.

One Response to Foreclosures Decline for Fourth-Straight Month

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