Foreclosure Activity Decreases 10%

RealtyTrac®, an online marketplace for foreclosure properties, released its November 2007 U.S. Foreclosure Market Report, which shows a total of 201,950 foreclosure filings - default notices, auction sale notices and bank repossessions - were reported during the month, down 10% from the previous month but still up nearly 68% from November 2006. The national foreclosure rate for the month was one foreclosure filing for every 617 households.
“The 10 percent drop in November is the first double-digit monthly decrease we’ve seen since April 2006,” said James J. Saccacio, chief executive officer of RealtyTrac. “This could indicate that foreclosure activity has topped out for the year, but the true test of whether this ceiling will hold will come at the beginning of next year - when we anticipate that a seasonal surge in foreclosure filings and another possible wave of resetting mortgages could place further pressure on the housing market. But if the trend of flat or decreasing foreclosure activity we’ve seen over the past three months continues in the first quarter, it would certainly bode well for 2008.”
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