Thursday, December 10, 2009

Foreclosures Down for 4th Month Across the Nation

This was the fourth-straight month that U.S. foreclosures have declined since hitting an all-time high in July, according to online foreclosure marketer RealtyTrac.

Default notices, an indicator of coming foreclosures, also were down 8 percent from October, but up 22 percent from November 2008. Bank repossessions were flat from the previous month and down 2 percent from November 2008.

"We don't really believe the underlying problems have been resolved," said Rick Sharga, senior vice president for RealtyTrac. Many borrowers, he told the Associated Press, "simply aren't going to qualify" for government and mortgage servicer help.

States with the highest foreclosure rates are:

Nevada

Florida

California

Arizona

Idaho

Michigan

Illinois

Utah

Maryland

New Jersey

Four states account for more than 50 percent of actual foreclosures: California, Florida, Illinois, and Michigan.