According to Realty Trac's September 2007 Foreclosure Market Report, while foreclosures for September 2007 were down 8% from August 2007, which was a 32-month high, they were up 99% from the previous year. This covered 223,538 filings, one for every 557 households nationwide, which included repossessions, default notices, and notices of sale at auction.
Despite a significant nationwide decrease, with numbers dropping in all categories, and overall numbers dropping in 39 states the total was still the second highest since Realty Trac began issuing the report in January 2005. At this point it's impossible to tell whether September was just a pause for the market to regain its breath or indicative of a general trend for a downturn in foreclosures. It could be a lull, or a sign that attractive foreclosure prices are luring more buyers and investors back into the market and taking the pressure off lenders and homeowners.
The three highest states for foreclosures where Nevada, Florida, and California; each of which showed an increase of over 150% in foreclosure activity from September of 2006. Nevada led the pack for the ninth straight month, with one foreclosure for every 185 households. This was a 187 percent increase over the same period in 2006, and an 11% decrease from the previous month with 5,504 filings.
Florida's 33,354 filings were second only to California in total, and at one filing for every 248 households, it had the second highest rate in the nation, with only a 2% drop in activity from the previous September. California's 51,259 filings put in solidly in first place for absolute numbers, and at one per 253 households in third place for rates. Like Nevada it showed an 11% drop from August, but rates were up a whopping 246% from the same month last year. The remainder of the top ten spots for foreclosure rates went to Michigan, Arizona, Georgia, Ohio, Colorado, Texas, and Indiana.
Despite a significant nationwide decrease, with numbers dropping in all categories, and overall numbers dropping in 39 states the total was still the second highest since Realty Trac began issuing the report in January 2005. At this point it's impossible to tell whether September was just a pause for the market to regain its breath or indicative of a general trend for a downturn in foreclosures. It could be a lull, or a sign that attractive foreclosure prices are luring more buyers and investors back into the market and taking the pressure off lenders and homeowners.
The three highest states for foreclosures where Nevada, Florida, and California; each of which showed an increase of over 150% in foreclosure activity from September of 2006. Nevada led the pack for the ninth straight month, with one foreclosure for every 185 households. This was a 187 percent increase over the same period in 2006, and an 11% decrease from the previous month with 5,504 filings.
Florida's 33,354 filings were second only to California in total, and at one filing for every 248 households, it had the second highest rate in the nation, with only a 2% drop in activity from the previous September. California's 51,259 filings put in solidly in first place for absolute numbers, and at one per 253 households in third place for rates. Like Nevada it showed an 11% drop from August, but rates were up a whopping 246% from the same month last year. The remainder of the top ten spots for foreclosure rates went to Michigan, Arizona, Georgia, Ohio, Colorado, Texas, and Indiana.
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