Foreclosures Ease Slightly in October

foreclosures easeReal estate research firm RealtyTrac says foreclosures eased a tiny amount in October. The company reported that data for last month shows foreclosure filings -- default notices, scheduled auctions and bank repossessions -- were reported on 332,172 properties, a 4% decrease from the previous month and about the same as were reported in October 2009.

"October marks the 20th consecutive month where over 300,000 U.S. homeowners received a foreclosure notice," said James J. Saccacio, chief executive officer at RealtyTrac. "The numbers probably would have been higher except for the fallout from the recent 'robo-signing' controversy -- which is the most likely reason for the 9% monthly drop in REOs we saw from September to October and which may result in further decreases in November."

Foreclosure auctions were scheduled for the first time on 138,361 U.S. properties in October. A total of 100,575 properties received default notices and lenders foreclosed on an additional 93,236.

"Nevada continued to document the nation's highest state foreclosure rate in October, with one in every 79 housing units receiving a foreclosure filing during the month -- nearly five times the national average", RealtyTrac reported. Florida, Arizona, California, Michigan, Utah, Georgia, Idaho, Illinois and Colorado also had extremely high rates.

Despite the slight dip in October foreclosures, the housing market remains in dire straits, with an extremely high level of underwater mortgages, low housing starts and depressed sales. Most of these problems have gotten worse since the federal government abandoned its home-buyer tax credit in April.

The mortgage market continues to be plagued by the fail-out from unemployment and the death spiral in home prices. The latter has cause a "buyer's strike" as potential shoppers worry that house values have not bottomed. Banks are reluctant to offer mortgages to all but the most credit worthy because they fear future defaults.

The RealtyTrac data could have been anticipated.

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Of course foreclosures are going to ease when 50 state attorney generals are breathing down your neck. This is another infomercial for banks and financial institutions who want that "carrot" of the credit of up to 8 thousand back, and are hoping to get the public rioting the battle cry to have the government institute it again. Sorry, banks and fi-ins. No more credit because we the people found it did not help us. It was only for your benefit.

November 11 2010 at 12:59 PM Report abuse rate up rate down Reply


November 11 2010 at 10:39 AM Report abuse rate up rate down Reply

One of the big issues here, is in the hey day of swapping and selling bundled mortgages, greed running at a fever pitch, chain of title got tossed to the curb. I have a mortgage, but another too big to fail bank claims they now own the mortgage. When I go down the country deed office I don't see anything but the original mortgage with the original finance company that no longer exists. Banks should not SHOULD NOT BE IN THE BUSINESS OF SELLING OR SWAPPING MORTGAGES. Legally, if I assume or acquire a mortgage, it is my legal responsibility to re-file the whole note and deed with my name, the buyers name, the terms, description, etc. It's also my responsibility to pay my deed filing fees to the state, local county and township, and school district, and any other taxes required. If not, it's not legal. I am planing a bankruptcy filing. My federal rights according to the consumer right to know laws were violoated when I was not notified in writing of the acquisition of my loan. Considering that those bundled dervatives were flying around like and being swapped like over and over again. Who knows who owns my loan??? I do know, that my insurance agent called me last year and told me a fax from Edward JOnes came in. So I called and my loan was being considered again for swap by Edward JOnes. I filed a complaint with Barney Frank (I have a Fannie Mae) and Paul Kanjorwski, but never received a response. the banks need to be totally overhauled. Each mortgage must be taken apart and re-done, re-signed and re-filed. You can start with the foreclosures first.

November 11 2010 at 10:10 AM Report abuse rate up rate down Reply

why don't banks let people claim bankrrupcy , and let them forget there past debt. like ambac fin. group . the officers of the company put the company down the drain and no one will take a pay cut, or lost there job. TOO BIG TOO FAIL ?

November 11 2010 at 9:27 AM Report abuse rate up rate down Reply
Justin Macagba

Call me crazy here but wouldn't the "ease" be as a result of the some of the largest banks halting the foreclosure process due to paperwork not being filed correctly??

November 11 2010 at 7:02 AM Report abuse +1 rate up rate down Reply