Numbers Suggest New Set of Incoming Foreclosure Waves

IRVINE, CA-RealtyTrac just recently released its US Foreclosure Market Report for November, which shows foreclosure filings—default notices, scheduled auctions and bank repossessions—were reported on 224,394 US properties in November, a 3% decrease from the previous month and a 14% decrease from November 2010. The report also shows one in every 579 US housing units with a foreclosure filing during the month.

“Despite a seasonal slowdown similar to what we’ve seen in each of the past four years, November’s numbers suggest a new set of incoming foreclosure waves, many of which may roll into the market as REOs or short sales sometime early next year,” explains James Saccacio, co-founder of RealtyTrac. “Overall foreclosure activity is down 14% from a year ago, the smallest annual decrease over the past 12 months, and some bellwether states such as California, Arizona and Massachusetts actually posted year-over-year increases in foreclosure activity in November.