Foreclosure Activity

Good Morning,

More than 110,000 foreclosure filings were reported nationwide for the second consecutive month in September, when 112,210 properties entered some stage of foreclosure, according to RealtyTrac's "September 2006 U.S. Foreclosure Market Report." September's foreclosure rate was down 1 percent from August 2006 but up 63 percent from a year ago. "Foreclosure filings are up 39 percent year-to-date and already have surpassed the total number reported in all of 2005. If they continue at the current pace, foreclosures will exceed the 1.2 million mark by the end of the year," said RealtyTrac CEO James Saccacio.

In California, foreclosure activity rose 19 percent on a month-to-month basis and has increased more than 40 percent during the last two months, according to the report. With one new foreclosure filing for every 825 households, the foreclosure rate in the Golden State is 1.3 times the national average of one new filing for every 1,030 households. The highest state foreclosure rates were reported by Colorado and Nevada.

A foreclosure usually takes several months from start to finish and most borrowers can solve their financial problems within that period of time. It is important to take preventative action quickly however. Once a lender start the process the clock is ticking.