September 2008 Foreclosure activity decreases by 12 percent
October 24th, 2008 | by Marina |RealtyTrac’s U.S. Foreclosure Market Report released yesterday shows foreclosure filings like default notices, auction sale notices and bank repossessions were reported on 265,968 properties in September, a 12 percent decrease from August, but still a 21 percent increase from September 2007.
One in every 475 U.S. housing units received a foreclosure filing in September. Foreclosure filings were reported on 765,558 U.S. properties during the third quarter, increased 3 percent from the second quarter and 71 percent increase from the third quarter of 2007.
“Much of the 12 percent decrease in September can be attributed to changes in state laws that have at least temporarily slowed down the pace at which lenders are moving forward with foreclosures,” said James J. Saccacio, chief executive officer of RealtyTrac.
The top 10 states with high foreclosure rates ranking were Nevada, Florida, California, Arizona, Georgia, Michigan, Ohio, New Jersey, Indiana and Colorado.
(Source: RealtyTrac)
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