The old saw is that three makes a trend, so now we can officially say that there’s a trend of reduced foreclosure activity.
Or so says RealtyTrac:
RealtyTrac® (realtytrac.com), the leading online marketplace for foreclosure properties, today released its October 2009 U.S. Foreclosure Market Report™, which shows foreclosure filings — default notices, scheduled foreclosure auctions and bank repossessions — were reported on 332,292 U.S. properties during the month, a decrease of 3 per cent from the previous month but still up nearly 19 per cent from October 2008. The report also shows one in every 385 U.S. housing units received a foreclosure filing in October.
“Three consecutive monthly declines is unprecedented for our report, and on first blush an indication that the foreclosure tide may be turning,” said James J. Saccacio, chief executive officer of RealtyTrac. “However, the fundamental forces driving foreclosure activity in this housing downturn — high-risk mortgages, negative equity, and unemployment — continue to loom over any nascent recovery. And despite all the efforts and resources directed at helping homeowners avoid foreclosure, we continue to see foreclosure activity levels that are substantially higher than a year ago in most states.”
And here’s the news in chart form