RealtyTrac detected a 21% drop in foreclosures during November month over month, and 14.4% drop since November 2009. The slow-down is predictable based on the delays caused by robo-signing paperwork problems and normal seasonal slowdown (7 to 10%) in foreclosure filings. It is the largest drop in foreclosure filings since 2005.
Foreclosure filings as expected to remain low through December and then increase dramatically in the spring.
In November 262,339 foreclosure filings were posted, the lowest total since February 2009. These filings affected one in 492 households during the month.
Bank repossessions fell 28% in November, a 12% drop from November 2009. A total of 67,428 homes were repossessed in November. Despite the drop in repossessions, 2010 in on track to be the year with the highest number of families to lose their homes: 980,000 so far with a month to go.
In Nevada one in every 99 homes received a foreclosure filing in November. This was the 47th month that Nevada led in foreclosures. The state had the unfortunate distinction of also leading the nation in unemployment in November.
The other states with the highest rates of foreclosure filings were:
Utah (one in 221 households)
California (one in 233 households)
Arizona (one in 262 households)
Florida (one in 267 households)