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Foreclosures Up 68 Percent In November

Another surge in defaults expected early next year

December 19, 2007    Spanish

In its monthly report, the real estate tracking firm RealtyTrac, Inc., said foreclosure activity likely peaked for the year in August.

“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,” said RealtyTrac CEO James J. Saccacio.

The report shows a total of 201,950 foreclosure filings, which can include everything from default notices to actual bank repossessions. That number is 10 percent lower than October’s total, but amounts to a national foreclosure filing rate of one for every 617 households.

Foreclosure activity remains concentrated in a handful of states. Nevada led the nation for the 11th month in a row, with one filing for every 152 househilds. Florida was second with one out of 282 homes and Ohio was third with one out of every 307 homes.

California had the highest number of foreclosure notices, at 39,992. In terms of Metro areas, Stockton, California led the nation with the highest foreclosure rate, recording a staggering one out of every 99 households heading into foreclosure.

While Saccacio says foreclosure activity appears to have leveled off for 2007, he says it could start back up again in 2008.

The reason?

Homes sold with subprime mortgages during the still-red hot real estate market of 2006 will begin to reset to higher interest rates. When that happens, monthly payments often go up by as much as several hundred dollars a month.

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