Foreclosure Rate Improves Over Prior Month

Foreclosures declined 10 percent in November compared with October, but were up nearly 68 percent compared with November 2006, according to RealtyTrac, a foreclosure sales and data company.

"This could indicate that foreclosure activity has topped out for the year, but the true test of whether this ceiling will hold will come at the beginning of next year" when a seasonal increase tends to occur and rates on more mortgages are to rise, RealtyTrac CEO James Saccacio said in a statement.

The national foreclosure rate in November was one filing for every 617 households.

Nevada continued to register the nation's top state foreclosure rate for the 11th straight month. A total of 6,694 foreclosure filings were reported in the state for the month, up 1 percent from the previous month and up 167 percent from November 2006.

Florida's November foreclosure rate of one foreclosure filing for every 282 households ranked second highest among the states.

The remaining states with top-10 foreclosure rates were in this order: Ohio, Colorado, California, Michigan, Georgia, Arizona, Indiana, and Illinois.

Source: RealtyTrac (12/19/07)