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Thursday, November 13, 2008

Foreclosures Rise 25% Year-Over-Year

Joanna Ossinger

FOXBusiness

Foreclosure filings increased 25% in October from the same moth a year before, according to new data, showing that the housing crisis is continuing to gain steam.

Foreclosure filings were reported on 279,561 properties around the country, according to RealtyTrac. That’s an increase of 5% over September, and an increase of 25% over the level the previous October, and it marks the 34^th consecutive month that foreclosure activity has risen.

It also means that one in every 452 homes in the U.S. has a foreclosure filing on it. Nevada, Arizona and Florida had the highest foreclosure rates. Other states in the top 10 were California, Colorado, Georgia, Michigan, New Jersey, Illinois and Ohio.

The metro areas with the highest foreclosure rates were Las Vegas; Cape Coral/Fort Myers, Fla.; and Miami. Other areas in the top 10 included Stockton, Calif.; Merced, Calif.; Phoenix, Ariz.; and Orlando, Fla.

Nearly 85,000 homes were repossessed during the month, RealtyTrac said.

James J. Saccacio, RealtyTrac’s CEO, noted that new laws delaying the foreclosure process may have helped reduce the rate, particularly in California.

RealtyTrac collects data from more than 2,200 counties nationwide that account for more than 90% of the U.S. population.

The findings underscore the dire situation of the housing market, which has been weighing on consumers and financial companies alike.