Headline Alert
Housing Update: Foreclosures Up 18% in November
RealtyTrac reports that foreclosure filings were up 18 percent in November on a year-over-year basis.
Filings were reported on 306,627 U.S. properties during November, a decrease of nearly 8% from October. To put this number in perspective, the report says that one in every 417 U.S. housing units received a foreclosure filing in November.
“November was the fourth straight month that U.S. foreclosure activity has declined after hitting an all-time high for our report in July, and November foreclosure activity was at the lowest level we’ve seen since February,” said James J. Saccacio, chief executive officer of RealtyTrac.
Saccacia added, “Loan modifications and other foreclosure prevention efforts, along with the recently extended and expanded homebuyer tax credit, are keeping a lid on the most visible symptoms of the nation’s ailing housing market — foreclosures and home value depreciation. This is providing a welcome respite for the real estate industry, but a full recovery will only come when unemployment recedes to normal, healthy levels and when availability of credit reaches a more rational balance between the extremes of the past few years.”
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