Foreclosures Down, But Still High

The online foreclosure clearinghouse [RealtyTrac] reports that nationwide foreclosures dropped 8% last month but are still up 99% from the number reported in September 2006.

New York is in the middle of the nationwide pack when it comes to foreclosures. The survey found our state with the 34th highest foreclosure rate in the nation, sandwiched between Iowa at 33rd and Alaska at 35th. Nevada, Florida and California had the top three foreclosure rates in the nation last month, which saw 223,538 foreclosure filings across the country.

"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, chief executive officer. "Nevertheless, 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 of 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."

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