U.S. Foreclosure Filings Up 68 Pct in Nov.

U.S. Foreclosure Filings Up 68 Pct in Nov.

Wednesday, December 19, 2007 7:38 AM Article Font Size

LOS ANGELES -- U.S. homeowners increasingly failed to keep up with their home loan payments in November, as the number of foreclosure filings surged 68 percent nationwide compared with the same month a year ago, according to a mortgage research company. In all, 201,950 foreclosure filings were reported last month, compared with 120,334 in November 2006, Irvine-based RealtyTrac Inc. said Wednesday. Last month's filings fell 10 percent from October's 224,451. The last time there was a sequential drop in foreclosure filings was between August and September, when they fell 8 percent. "It's a little bit of good news in the otherwise murky real estate market right now," said Rick Sharga, RealtyTrac's vice president of marketing. "The fact that we're seeing a 10 percent decrease is significant. It's a good thing." The U.S. had one foreclosure filing for every 617 households in November, RealtyTrac said. The filings include default notices, auction sale notices and bank repossessions. Some properties might have received more than one notice if the owners have multiple mortgages. Forty-three states saw an increase in foreclosure filings over last year. more... http://www.newsmax.com/money/U.S._Foreclosure_Filings_/2007/12/19/58186.html