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National foreclosure rate drops in September.

RealtyTrac, an online market place for foreclosure properties, reported an 8 percent decline nationally in foreclosure filings in September, down from the 32-month high in August but still up 99 percent from the number reported in September 2006. The national foreclosure rate for September was one foreclosure filing for every 557 households.

"U.S. foreclosure activity experienced a fairly broad-based retreat in September, with 39 states reporting decreasing activity and national numbers down in all foreclosure categories--defaults, auctions and bank repossessions," said James J. Saccacio, CEO, RealtyTrac, in a press release. "It's important to note that September's total was still the second highest monthly total we've seen since we began issuing our report in January 2005.

"It's too early to tell if September's numbers represent a one-month lull or if they could signify that more buyers and investors are getting back in the market and snatching up discounted foreclosure properties, thereby providing a release valve for distressed homeowners and overwhelmed lenders," he said.

For the ninth month in a row, Nevada reported the highest foreclosure rate among the states--one foreclosure filing for every 185 households--despite an 11 percent drop in foreclosure activity from the previous month.

Florida foreclosure activity slipped 2 percent from the previous month, but the state's foreclosure rate--one foreclosure filing for every 248 households--moved up to the nation's second highest in September after being the third highest in August.

California reported 51,259 foreclosure filings in September, the most of any state and one foreclosure filing for every 253 households--the nation's third highest state foreclosure rate.

Other states with foreclosure rates ranking among the nation's 10 highest were Michigan, Arizona, Georgia, Ohio, Colorado, Texas and Indiana.

Ohio's foreclosure total of 15,709 ranked third behind California and Florida. The state's foreclosure activity decreased 12 percent from the previous month but was still up 131 percent from September 2006. The Ohio's foreclosure rate of one foreclosure filing for every 319 households was seventh highest in the nation.

Texas and Michigan each documented monthly decreases in foreclosure activity in September, but both states still reported more than 14,000 foreclosure filings for the month. Georgia reported 11,926 foreclosure filings, down 14 percent from the previous month but still the sixth highest state total.

Illinois was the only state among the top 10 states in terms of total foreclosure filings that registered a month-to-month increase in foreclosure activity in September. The state reported 8,257 foreclosure filings for the month, up 33 percent from the previous month and the seventh highest state total.

Complete state-by-state data appears at www.naahq.org.
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Title Annotation:INDUSTRY INSIDER
Publication:Units
Date:Nov 1, 2007
Words:432
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