This morning, a report by RealtyTrac stated that foreclosures were down nationwide 10% in November 2007 as compared to October 2007. It was the first month-to-month, double-digit drop since April of 2006. That may be a good sign, but there is obviously a long way to go for this real estate market to recover.
Although it’s great to see a reduction in foreclosure activity, it must be noted that foreclosures in November were still up a whopping 68% vs. November 2006, according to the same report. Hardest hit were Florida, Nevada, and Ohio which had the highest foreclosure rates among the states.
Florida recorded a 212% increase in foreclosures this November as compared to November 2006. Three medium sized California cities were among the top 10 in foreclosure filings, namely Stockton, Modesto and Merced. Stockton, located in California’s Central Valley, had the highest foreclosure rate in the country with 1 foreclosure filing per every 99 households.