Although the foreclosure activity in the U.S. had its biggest monthly increase in four years as it jumped by 15 percent from September to October, 10 states still experienced a month-over-month drop in foreclosure in October based on the October 2014 U.S. Foreclosure Market Report released by RealtyTrac last week.
New Jersey tops the list with 41.8 percent, the biggest monthly drop in foreclosure activities including notices of default, scheduled auctions, and bank repossessions/REOs for the month of October. The state was ranked third in the list of highest foreclosure rates nationwide in the third quarter with one foreclosure filing for every 218 homes. However, the decline in the monthly foreclosure activities last month has pushed New Jersey to the 9th place with one foreclosure filing in every 878 housing units.
Other states that experienced a drop in monthly foreclosure filings include Colorado (37.5 percent), Rhode Island (36.12 percent), Maine (33.6 percent), Connecticut (22.1 percent), Massachusetts (12.6 percent), Iowa (5.4 percent), New York (3.2 percent), North Carolina (2.7 percent), and Florida (2.2 percent).
On the other hand, foreclosure filings declined by 8 percent across the nation from October 2013 to 2014. The state seen with the biggest year-over-year drop in foreclosure filings was Rhode Island with 57.2 percent, followed by Colorado with 56.8 percent. According to RealtyTrac, Rhode Island and Colorado were ranked 41st and 44th among the states with the highest foreclosure activities, respectively.
In general, 26 states experienced a year-over-year decline in foreclosure filings in October.
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