Foreclosures continues to plague the U.S. housing market.
Nationwide, foreclosure filings totaled 610,337 in the third quarter, an increase of less than 1% from the previous quarter, said RealtyTrac. Even though the increase was small, it is significant since it broke the trend of three consecutive quarterly decreases, said RealtyTrac Chief Executive James Saccacio.
“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,” said Saccacio.
According to RealtyTrac, the time it takes to process foreclosures continued to grow. During the third quarter, once a bank began the foreclosure process it took an average of 336 days to complete. This is the longest average foreclosure period going back to the first quarter of 2007, before the housing crisis began.
Nevada, once a boom state for real estate, maintained its current title as the poster child for foreclosures. The state had the nation’s highest foreclosure rate: one in every 44 housing units.
California had twice the rate of Nevada, but it still had the second-highest foreclosure rate, with one in every 88 units.
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