RealtyTrac Says U.S. Foreclosures Fell in November

Foreclosure rates continued to decline in November but remain elevated, according to a survey by RealtyTrac, which saw a 7% decrease in U.S. foreclosures activity from October to November. Compared to twelve months ago, foreclosure activity is higher by 28%.

"Foreclosure activity in November hit the lowest level we've seen since June thanks in part to recently enacted laws that have extended the foreclosure process in some states, along with more aggressive loan modification programs and self-imposed holiday foreclosure moratoriums introduced by some lenders," said James J. Saccacio, chief executive officer of RealtyTrac.

"There are several indications, however, that this lower activity is simply a temporary lull before another foreclosure storm hits in the coming months," he added.

Saccacio also warned that there is a danger that the failure of the U.S. government loan modification program could cause a resurgence in foreclosure activity in the coming months.

By Erik Kevin Franco and edited by Nancy Girgis
©CEP News Ltd. 2008