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IRVINE, CA-The total number of US bank repossessions in November was down 19% from the previous month and is at its lowest level since July 2007, reports RealtyTrac. There were a total of 30,461 REOs last month, representing a 76-month low, according to the firm.
Only five states posted year-over-year increases in REOs: Delaware, Maryland, Connecticut, Maine and Iowa. Florida, Delaware and Maryland posted the top state foreclosure rates for the month, although Florida foreclosure activity in November decreased 15% from the previous month and was down 23% from a year, RealtyTrac reports.
Delaware foreclosure activity spiked 56% from October to November and was up 141% year-over-year, boosting the state's foreclosure rate to second-highest in the country. One in every Delaware housing units had a foreclosure filing during the month, and foreclosure activity in Delaware has now increased on an annual basis in seven of the last nine months.
As GlobeSt.com reported earlier today, reported foreclosure filings decreased 15% in November from the previous month and 37% from a year ago, according to RealtyTrac. The monthly decrease was the biggest month-over-month decrease since November 2010, when US foreclosure activity plummeted 21% in one month following the revelation of the so-called robo-signing scandal in October of that year, the firm reports.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
