A recent RealtyTrac report provides some valuable insight regarding the number of foreclosures here in the U.S. for both the month of November and the upcoming year. However, the news is not altogether inspiring.

According to the report, the number of foreclosure notices filed in the United States reached 224,394 during the month of November, a decrease of 3 percent from the month of October and 14 percent from November 2010.

The report also found that there were 10,124 foreclosure notices filed here in Texas during the month of November, an increase of 2.8 percent from the month of October and a decrease of 24.3 percent from November 2010.

While these figures certainly seem encouraging upon first glance, many real estate experts are cautioning that the long-term foreclosure forecast may actually be far bleaker.

The reason?

"November's numbers suggest a new set of incoming foreclosure waves, many of which may roll into the markets as REOs (lender-repossessed properties) or short sales sometime early next year," said RealtyTrac Chief Executive James J. Saccacio.

Here, he pointed out that the 14 percent national decrease in foreclosure filings from November 2010 to November 2011 was actually the lowest over the previous 12 month period.

According to Saccacio, yet another reason why more foreclosure waves may be on the horizon is that the number of scheduled foreclosure auctions across the country was at a nine-month high during the month of November.

"Many of the new defaults that started the foreclosure process over the past few months are now being scheduled for public foreclosure auction," he said.

Breaking the information down further, the RealtyTrac report ranked the five states with the highest foreclosure rates:

  1. Nevada
  2. California
  3. Arizona
  4. Utah
  5. Georgia

It also ranked large U.S. cities with the highest foreclosure rates:

  1. Stockton, California
  2. Las Vegas, Nevada
  3. Phoenix, Arizona
  4. Salt Lake City, Utah
  5. Atlanta, Georgia

Overall, Texas came in at number 22 on the list, while San Antonio was far down with a listed foreclosure rate of one notice for every 777 homes.

Stay tuned for more from our San Antonio bankruptcy blog ...

This post is for informational purposes only and is not to be construed as legal advice. Contact an experienced legal professional to learn more about bankruptcy and foreclosure.

(Please note: The firm handles only bankruptcy matters and is not involved in any pending class action lawsuits against banks/mortgage lenders. We take pride in reporting matters that are important to our community.)

Source:

San Antonio Business Journal, "Texas posting significant downward trend in yearly foreclosures, analysis finds" Dec. 16, 2011