Foreclosure Filings Up 3% in October, But Down 19% from Year Ago

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 186,455 U.S. properties in October, a 3 percent climb from September, according to RealtyTrac.
But filingsare down 19 percent from October 2011.
Florida posted the nation’s highest foreclosure rate for the second month in a row, with one in every 312 housing units with a foreclosure filing in October, followed by Nevada, Illinois, California and Arizona.
“We continued to see vastly different foreclosure trends across the country in October, depending primarily on how each state’s foreclosing infrastructure was able to handle the high volume of delinquent loans during the worst of the foreclosure crisis in 2010,” said Daren Blomquist, vice president of RealtyTrac.
The three states dealing with the biggest rebound in deferred foreclosure activity — New Jersey, New York and Connecticut — also faced the devastation to homes from super storm Sandy.
The foreclosure moratoriums as a result of the storm will likely extend the already-lengthy time to foreclose in these states, further prolonging a fundamentally sound housing recovery, Blomquist said.
Here are other findings from RealtyTrac’s October report:
• The three states with the biggest annual increases in foreclosure activity in October were New Jersey (140 percent), New York (123 percent) and Connecticut (41 percent). Other states with sizable increases were Maryland (27 percent), Ohio (24 percent) and Illinois (19 percent).
• An analysis of foreclosure activity and inventory in the counties most impacted by super storm Sandy in Connecticut, New Jersey and New York shows foreclosure activity in October was down 8 percent from September, but up 92 percent from a year ago, and an estimated $41 billion in foreclosure inventory in those counties.
• Scheduled foreclosure auctions in October increased 9 percent from September, while default notices and bank repossessions (REO) were virtually unchanged from the previous month.
• Foreclosure activity increased  on a month-over-month basis in more than half of the 212 metro areas tracked in the report, and jumped significantly in some hard-hit metro areas, including Modesto, Calif. (up 68 percent), Sarasota, Fla. (up 53 percent), Las Vegas, Nev. (up 45 percent), Columbus, Ohio (up 61 percent), and Columbia, S.C. (up 58 percent).

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