It may be another sign of a bottoming in the housing market, both in terms of foreclosures and prices. RealtyTrac reports that foreclosure filings fell 8% in November compared to the previous month, down to 306,627. One in every 417 homes in the US received a foreclosure filing during the month. The figure was up 18% from November 2008.
“November was the fourth straight month that U.S. foreclosure activity has declined after hitting an all-time high for our report in July, and November foreclosure activity was at the lowest level we’ve seen since February,” said James J. Saccacio, chief executive officer of RealtyTrac. “Loan modifications and other foreclosure prevention efforts, along with the recently extended and expanded homebuyer tax credit, are keeping a lid on the most visible symptoms of the nation’s ailing housing market — foreclosures and home value depreciation.”
Nevada, Florida, and California remain the states hit hardest by the housing crisis and the inventory of unsold homes in those state may force prices to fall well into 2010.
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