Fewer borrowers lost their homes to foreclosure last month than in either the prior month or the prior year. In addition, overall foreclosure filings fell for the fourth consecutive month.
In RealtyTrac’s monthly report, 306,627 properties faced foreclosure filings in November. Filings include default notices, scheduled foreclosure auctions and bank repossessions. Data was collected from more than 2,200 U.S. counties that account for more than 90 percent of the country’s population.
Filings fell from 332,292 during October. It was the fourth month in a row that foreclosures were down.
In November 2008, there were 259,085 homes that faced foreclosure.
From January through November, 3,394,495 foreclosures were filed.
With 73,995 foreclosures, California continued to capture the top spot. But Golden State activity was better than 85,420 during October. Florida followed with 52,935 November filings, then Illinois with 16,422 and Michigan’s 15,988. No. 5 Arizona saw 14,349 filings.
Vermont held on to its lowest and best ranking, with just 16 properties facing foreclosure filings.
November’s U.S. foreclosure rate was one filing for each 417 housing units, improving from one filing for every 385 households the previous month. The rate was better a year ago at one foreclosure filed for every 488 U.S. households
Nevada’s one-in-119 rate was the worst of any state — though better than one foreclosure for each 80 housing units during October. No. 2 Florida’s rate was one-in-165, followed by California’s one-in-180, Arizona’s one-in-186 and Idaho’s one-in-259 rate.
Collectors seemed to be asleep in Vermont — where only one-in-19,465 properties had a foreclosure filing last month.
Among metropolitan areas, Merced, Calif., unseated Las Vegas as the worst area — with a rate of one-in-83.
On a national basis, REOs eased to 76,701 during November from the previous month’s 77,077 and the previous year’s 78,179. So far this year, 791,791 REOs have been filed.
California came in with 14,799 REOs, more than any other state but less than 15,020 in October. Florida’s 6,853 followed, then 5,258 in Texas, 5,058 in Illinois and 5,052 in Michigan.
At just 14 REOs, Vermont had the fewest REOs of all 50 states.
