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Foreclosure Pace Slows in September10-23-08 | News

Foreclosure Pace Slows in September

Despite one in every 475 U.S. homes receiving foreclosure notices in September, there was actually a 12 percent decrease in foreclosure filings compared to August.

A recent report showed the number of existing homes sold in four Southern California counties rose 65 percent in September due to lowering home prices and a large stock of foreclosed homes available.

A new report released Thursday shows that more bargains will be available on the horizon.

RealtyTrac has released its U.S. Foreclosure Market Report for September 2008 and Q3 2008. Foreclosure filings?EUR??,,????'?????<

Foreclosure filings were reported on 765,558 U.S. properties during the third quarter, up more than three percent from the second quarter and up 71 percent from the third quarter of 2007.

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Nevada continued to document the nation?EUR??,,????'?????<

A 9 percent month-over-month increase in foreclosure activity helped Florida?EUR??,,????'?????<

Foreclosure filings were reported on 69,548 California properties in September, a 32 percent decrease from the previous month but still up 36 percent from September 2007. With one in every 189 housing units receiving a foreclosure filing during September, the state?EUR??,,????'?????<

Other states with foreclosure rates ranking among the top 10 in September were Arizona, Georgia, Michigan, Ohio, New Jersey, Indiana and Colorado.

Source: RealtyTrac