November Home Foreclosures Decline, But Group Says the Worst is Yet to Come
According to RealtyTrac, which tracks foreclosures around the country, home mortgage foreclosures in November were actually down 7 percent from October, but they were up 28 percent from November of 2007 and the worst is still coming, the group warned.
Nearly 260,000 properties fell into foreclosure trouble last month, the fewest number since June.
HOWEVER: Rick Sharga, executive vice president of marketing for RealtyTrac, told Bloomberg that a "pretty significant storm is coming" next year and up to 1 million homeowners could lose their houses in 2009.
Here are the state-by-state highlights from RealtyTrac's November numbers:
-- Michigan, which is teetering on the edge of financial collapse already, never mind the pending autos bailout, saw its November foreclosure numbers jump 27 percent from the same month last year.
-- Foreclosure filings were up 51 percent in California, compared to November last year.
-- No. 1 on the list is Nevada for the 23rd straight month, where 1 in 76 homes are in some stage of foreclosure. For a period not so many years ago, Las Vegas touted itself as one of the fastest-growing cities in all of North America.
-- Frank Ahrens
The Ticker is Twittering!
The comments to this entry are closed.