Monday, November 28, 2005

Defaults Continue Climbing

A foreclosure tracking firm is reporting post-hurricane numbers. "81,382 properties nationwide entered some stage of foreclosure in October, an 18.6 percent increase from the previous month. 'New foreclosures increased in October to their highest level so far this year,' said James J. Saccaci. 'Some of the increase can be attributed to foreclosure activity ramping up again in Louisiana and Mississippi after being disrupted by the recent hurricanes. But it's possible that increasing interest rates and other economic factors are beginning to move foreclosures closer to their historic levels.'"

"For the second month in a row, Texas reported the most new foreclosures of any state, with 16,386 properties entering some stage of foreclosure. That was a 68 percent increase from the previous month and accounted for 20 percent of the nation's new foreclosures in October."

"New Jersey foreclosure rates were the highest in the country, with one foreclosure for every 422 households, and New Mexico foreclosures ranked third highest, with one property in every 601 in foreclosure."

"Despite a 29 percent decrease in the number of new foreclosures, Colorado's foreclosure rate placed among the five highest state foreclosure rates for the eighth month in a row. The state reported 2,568 properties entering some stage of foreclosure, one for every 713 households."


At 8:44 PM, Blogger Chip said...

I hope the foreclosers will figure out that it is in their interest to advertise their available foreclosed properties as widely as possible -- think: the Internet. I believe that could be the biggest change ever in the way foreclosed properties are disclosed and marketed.


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