The number of mortgage foreclosure filings continued to rise in October as hundreds of thousands of Americans struggled with monthly payments they can’t keep up with.
The latest data from RealtyTrac, an online clearinghouse for foreclosure information, pegged the increase at 2 percent for October to a total of 224,451 filings. That’s up 94 percent from a year ago, according to the site.
Foreclosure activity remains highest in relatively few states that have been hit hardest by the housing bust, including California, Florida and Nevada. Other states that rank in the top ten with the highest levels of foreclosure activity include Ohio, Georgia, Michigan, Colorado, Arizona, Indiana and Illinois, according to the site.
Default notices were down nearly 9 percent for the month, a sign that some borrowers and lenders may be finding ways to avoid foreclosure, according to RealtyTrac CEO James Saccacio. But bank repossessions were up 35 percent for the month, an indication that more homeowners who enter the foreclosure process are losing their homes.
Tags: Homes for Sale
