Foreclosure Descreased in September

RealtyTrac, the leading online marketplace for foreclosure properties, today released its U.S. Foreclosure Market Report for September 2008. Foreclosure filings were reported on 265,968 properties in September, which was a 12 percent decrease from the previous month but still a 21 percent increase from September 2007. This is good news even though the foreclosure rate is still a major concern for everyone. Foeclosure filings were reported up more than 3 percent during the third quarter of the year. That is up 71 percent from the third quarter of 2007.

RealtyTrac publishes the largest national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal's Real Estate Journal.

According to James J. Saccacio, the chief executive officer at RealtyTrac, "Much of the 12 percent decrease in September can be attributed to changes in state laws that have at least temporarily slowed down the pace at which lenders are moving forward with foreclosures,"

Nevada, Florida, California were the top state foreclosure rates in September. I sure hope things change soon for the economy and hope it isn't too far down the road.