Foreclosure activity (default notices, auction sale notices, and bank repossessions) increased 2 percent from the previous month and 94 percent from October 2006, according to a report by RealtyTrac, an online marketplace for foreclosure properties. A total of 224,451 foreclosure filings were reported nationwide for the month, and the national foreclosure rate was one foreclosure filing for every 555 households.
"Overall foreclosure activity continues to register at a high level compared to last year, but it appears to have leveled off over the past two months after hitting a high for the year in August," says James J. Saccacio, CEO of RealtyTrac. "Default notices were down nearly 9 percent in October, indicating that some of the efforts on the part of homeowners, lenders, and advocacy groups to find alternatives to foreclosure may be starting to have an impact. On the other hand, bank repossessions were up nearly 35 percent, evidence that more homeowners who enter foreclosure are losing their homes."
For the tenth month in a row, Nevada had the highest foreclosure rate in the nation with one foreclosure filing for every 154 households-3.6 times the national average. California, Florida, Ohio, Georgia, Michigan, Colorado, Arizona, Indiana, and Illinois followed Nevada.
Once again California cities dominated the top metro foreclosure rates in October, taking six out of the top 10 spots. Merced snared the No. 1 foreclosure rate, with one foreclosure filing for every 82 households-6.7 times the national average. Stockton and Modesto took the second and third spots. Riverside-San Bernardino and Vallejo-Fairfield took the sixth and seventh spots and Sacramento's foreclosure rate ranked No. 9.
Las Vegas documented the fourth highest metro foreclosure rate for the month with one foreclosure filing for every 120 households, followed by No. 5 Detroit, which had one foreclosure filing for every 131 households. Cape Coral-Fort Myers, Fla., registered the eighth highest metro foreclosure rate, and Cleveland's foreclosure rate ranked No. 10.
Click here to download an Excel spreadsheet detailing October's foreclosure activity across the nation.