Although there was a reprieve in the number of homes lost to foreclosure, servicers started the process on more properties.
New foreclosures were initiated by residential loan servicers and their service providers on
48,605 U.S. homes in October.
The national total for last month turned out to be 12 percent more than the number of foreclosure starts the previous month.
But foreclosure starts
have relented versus a year earlier, with a 14 percent year-over-year drop reported by RealtyTrac.
A 175 percent
increase from September in foreclosure starts was recorded for Oklahoma, the most deterioration of any state. Maryland was next with a 300 percent increase, then 214 percent in Arkansas, 129 percent in Nebraska and 100 percent in North Dakota (to two).
A 59 percent decline in Vermont was the most improvement in foreclosure starts.
Foreclosure filings — including default notices, scheduled auctions and repossessions –were made on 115,134 U.S. properties during the month of October.
That worked out to a six percent increase in the number of foreclosure filings when compared to the volume in
the previous month.
But total filings were down six percent from the same month last year.
Florida had the most filings last month: 15,549. California’s 11,101 came next, then Illinois’ 7,783, New Jersey’s 7,559 and Ohio’s 5,294.
Just two North Dakota properties had a filing, the fewest of any state.
October 2015’s U.S. foreclosure rate was one filing for each 1,147 housing units. The rate was improved over the same month last year, when a foreclosure filing was made on every 1,069 housing units,
With a filing for each 466 homes, Maryland’s rate was worst.
Next was New Jersey’s one-in-471 — following by Florida’s one-in-579, Nevada’s one-in-593 and Illinois’ one-in-680.
The best rate in the country was North Dakota’s one filing for each 40,589 properties.
U.S. servicers completed 36,582 foreclosures last month, nine percent fewer than in September but 31 percent more than in October 2014.
Roughly
368,903 real-estate-owned filings have been made since the beginning of 2015.
Florida had 5,760 repossessions in October 2015, the most of any state. California was No. 2 with 2,697. Illinois had 2,624, there were 1,960 in New Jersey and 1,776 in Texas.
