Foreclosures Up 99% from Last Year

Irvine, CA, October 11, 2007—Foreclosures were up 99% in September over the same month a year ago, according to the September foreclosure report by RealtyTrac.

The report shows a total of 223,538 foreclosure filings – default notices, auction sale notices and bank repossessions -- were reported during the month. That’s down 8% from the 32-month high in the previous month, but still up 99% from the previous year.

The national foreclosure rate for the month was one foreclosure filing for every 557 households.

"U.S. foreclosure activity experienced a fairly broad-based retreat in September, with 39 states reporting decreasing activity and national numbers down in all foreclosure categories,” said James J. Saccacio, chief executive officer.

"Nevertheless, it's important to note that September's total was still the second highest monthly total we've seen since we began issuing our report.”

Nevada, Florida, and California posted the top state foreclosure rates. For the ninth month in a row Nevada reported the highest foreclosure rate among the states -- one foreclosure filing for every 185 households -- despite an 11% drop in foreclosure activity from the previous month.

California reported 51,259 foreclosure filings in September, the most of any state and one foreclosure filing for every 253 households – the nation's third highest state foreclosure rate.

Other states with foreclosure rates ranking among the nation's 10 highest were Michigan, Arizona, Georgia, Ohio, Colorado, Texas and Indiana.