Foreclosure Filings Increase, But Default Notices Drop 9%

Foreclosure filings for October rose 2% from September and 94% from a year earlier, but foreclosure activity in general appears to have "leveled off" since peaking in August, a foreclosure-listing service said.

According to RealtyTrac Inc., default notices for October dropped nearly 9% from a year ago. "Some of the efforts on the part of homeowners, lenders and advocacy groups to find alternatives to foreclosure may be starting to have an impact," said RealtyTrac Chief Executive James J. Saccacio. He added, however, that bank repossessions during the month jumped nearly 35% -- "evidence that more homeowners who enter foreclosure are losing their homes." More...