Thursday, November 12, 2009

Home Foreclosures Over 300,000 Last Month, For 8th Consecutive Month

RealtyTrac reported today that U.S. foreclosure filings exceeded 300,000 in October alone, for the 8th consecutive straight month hitting the 300,000 mark.

RealtyTrac collects data from 2,200+ counties representing 90% of the U.S. population.

The exact number was 332,292 properties which received a default or auction notice or were seized by banks in October (+19% from 2008). On average, 1 in every 385 households received a filing, but some states are much worse than others. There was a small decline of 3% from September.

Distressed real estate transactions accounted for 30% of all home sales in the third quarter as the median price fell 11% from 2008 to $177,900.

Nevada had the highest foreclosure rate for the 34th consecutive month, with one in 80 households receiving a filing. California was second, with filings for one in every 156 households. Florida was third, at one in 168.

Completing the top 10 are Arizona, Idaho, Illinois, Michigan, Georgia, Maryland and Utah.

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