Process issues force foreclosures down 4% in October: RealtyTrac
Foreclosure filings dropped 4% in October from the previous month and remained flat with last year as effects from the documentation problems and moratoriums begin to show, according to RealtyTrac. In October, 332, 172 properties received either a default notice, a scheduled auction or repossession, marking the 20th consecutive month over 300,000. Repossessions in particular, though, fell 9% in October as major lenders halted proceedings in the month to sort out improperly signed affidavits in many states. "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 percent monthly drop in REOs we saw from September to October and which may result in further decreases in November," RealtyTrac CEO James Saccacio said. Nevada, again, led all states with the highest foreclosure with one in 79 properties receiving a filing in October, nearly five times the national average. The more than 14,000 properties to receive a filing increased 3% from a year ago. Florida foreclosures increased from 2009 for the second-straight month. One in every 155 homes received a filing in October. Arizona was third with one in every 165 homes receiving a filing. On a volume basis, the 66,475 foreclosures in California accounted for 20% of the entire nation's filings. It is down 22% from a year ago, though. Las Vegas, Fort Meyers, Fla., and Modesto, Calif. continue to lead the country as the top-three metro areas with the highest foreclosure rates. In Vegas, one in every 70 homes received a filing, a 1% increase from a year ago. Write to Jon Prior.