November foreclosures take a dip
19.12.2007 13:20
NEW YORK (CNNMoney.com) -- A new read on foreclosure filings showed a double-digit drop for November, but don't expect the slowdown to last.
According to RealtyTrac, an online marketer of foreclosed properties, filings fell 10 percent compared with October.
It was the first month-to-month, double-digit drop since April of 2006, although the total of 201,950 foreclosure filings - default notices, auction notices and bank repossessions - was still 68 percent higher than November of 2006.
"[The slowdown] could indicate that foreclosure activity has topped out for the year," James Saccacio, RealtyTrac's chief executive, said in a statement. "But," he added, "the true test of whether this ceiling will hold will come at the beginning of next year when we anticipate that a seasonal surge in foreclosure filings and another possible wave of resetting mortgages could place further pressure on the housing market."
