According to a monthly report by research firm RealtyTrac, U.S. foreclosure activity in September rose 21 percent from a year earlier but fell by double-digits from the prior month as some state laws slowed the foreclosure process.
RealtyTrac, which records property in various stages of foreclosure, noted that foreclosure filings -- default notices, auction sale notices and bank repossessions -- fell by 12 percent from August to 265,968 in September.
That means one in every 475 U.S. households received a foreclosure filing in September, the firm said in its report released on Thursday.
"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," James Saccacio, RealtyTrac chief executive, said in a statement.
Nevada posted the highest foreclosure rate in September, with an 11 percent increase from the previous month, according to RealtyTrac.
Foreclosure filings rose 137 percent from a year earlier to 13,022 in September translating into one in every 82 housing units -- more than 5 times the national average.
Florida was second with one in every 178 housing units receiving a foreclosure filing in September.
Foreclosure filings rose 44 percent from a year earlier to 47,956, according to RealtyTrac California was third after seeing a 32 decrease from August but a 36 rise from a year earlier to 69,548.
One in every 189 homes received a foreclosure filing in September.
Arizona, Georgia, Michigan, Ohio, New Jersey, Indiana and Colorado were among the top ten states with the highest foreclosure rate in September.
Thursday, October 23, 2008
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