Foreclosures fell in September – but this too shall pass

September's foreclosure filings fell 6 percent from August, according to RealtyTrac, but are not expected to continue to drop.

October 18, 2011
foreclosures, market conditions, market demand, housing market

According to RealtyTrac, September's foreclosure filings fell 6 percent from August, according to RealtyTrac, but are not expected to continue to drop, reported Business Insider.

In its latest report on the state of the U.S. housing market, the site finds 214,885 foreclosures were filed in September, down 30 percent from the same time last year.

The foreclosures themselves are taking longer to process--the average now is 336 days, up 18 days from the second quarter.

“While foreclosure activity in September and the third quarter continued to register well below levels from a year ago, there is evidence that this temporary downward trend is about to change direction, with foreclosure activity slowly beginning to ramp back up," James Saccacio, chief executive officer of RealtyTrac said in a statement.

Read more here.

The ten states with the most foreclosure filings:

  1. California
  2. Florida
  3. Georgia
  4. Illinois
  5. Michigan
  6. Arizona
  7. Texas
  8. Nevada
  9. Ohio
  10. Colorado

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