Foreclosures Continue to Increase Despite Moratoriums
The nationwide foreclosure rate increased by 25 percent to 279,561 foreclosed properties this October from the same month in 2007 despite the implementation of foreclosure moratoriums in many states, according to RealtyTrac.
RealtyTrac’s chief executive James J. Saccacio said there were indeed big drops in foreclosure filings in several states after foreclosure suspension laws were enacted, but nationwide foreclosures continue to increase. He said that for every 452 homes in the U.S., one was foreclosed during the month of October.
Sappacio however noted the case of California, where foreclosure proceedings decreased due to prevention measures and where default rates in October this year were lower than those in October 2007. He called for an integrated approach to foreclosure prevention measures, saying that some current prevention programs are merely foreclosure delaying programs.
RealtyTrac’s October 2008 foreclosure report identifies Nevada as the state with the highest foreclosure rate, registering 14,483 foreclosed properties and a growth of 11% from September and an increase of almost 119% from October 2007. One home in every 74 households was foreclosed.
Arizona comes second to Nevada, with 17,507 foreclosed properties and an increase of almost 35% from September and an increase of 176% from October 2007. One home in every 149 households was foreclosed.
The third-highest rate belongs to Florida, with 54,324 foreclosed properties and a growth of 13% from September and an increase of almost 80% from October 2007. One home in every 157 households was foreclosed.
California still got included in the top ten foreclosure states in October despite an 18 percent decrease in foreclosures from September because it registered the biggest number of foreclosed properties –56,954. This figure is about half of the 100,000 foreclosures registered in August this year.
With 12,155 houses foreclosure in October, Las Vegas had the highest foreclosure rate among metropolitan areas.