Despite the sequential decline, the September figure represents the second-highest total for filings in a single month since the company began tracking monthly filings two years ago.
"August was an extraordinarily high month for foreclosure activity, so some falloff was almost predictable," said Rick Sharga, RealtyTrac's vice president for marketing.
The filings include default notices, auction sale notices and bank repossessions. Some properties might have received more than one notice if the owners have multiple mortgages.
Typically, borrowers must be 60 to 90 days past due on their mortgage payments before their lender will consider them in default, the first stage of the foreclosure process. If a homeowner can't find a way to get current on payments, the home is then often put up for auction, and if it doesn't sell, it eventually goes back to the bank.
In all, 39 states saw a decline in foreclosure filings, the firm said.
Sharga noted that there was a spike in the number of bank repossessions in August that did not occur in September.
It's likely that the sequential decline in foreclosure activity between August and September was just a blip, not a bellwether of lessening foreclosure filings.
"We don't see September as the beginning of the end in this cycle of foreclosures," Sharga said.
The foreclosure rate for the nation in September was one foreclosure filing for every 557 households, the firm said.
The U.S. housing market has seen sales decline and home prices fall or remain flat, making it harder for homeowners who can't afford to make mortgage payments to sell their homes or seek refinancing.
Many of those troubled homeowners were among those who took on adjustable-rate mortgages that are now adjusting to a higher interest rate, translating into payments they cannot afford to make.
The rising delinquencies and foreclosures this year have led the mortgage industry to tighten lending standards, further narrowing options for homeowners struggling to pay their mortgage.
Nevada, Florida and California had the highest foreclosure rates in the country last month, the firm said.
Nevada reported one foreclosure filing for every 185 households, earning the state the highest foreclosure rate in the nation for the ninth month in a row. The state had 5,504 filings in September, down 11.1 percent from August and more than triple from September 2006.
Florida had one foreclosure filing for every 248 households. The state reported 33,354 foreclosure filings in September, down just less than 2 percent from August, but more than three times greater than September 2006's total.
California's foreclosure rate was one filing for every 253 households. The state reported the most foreclosure filings of any single state with 51,259, down 11 percent from August but a fourfold increase from September of last year.
Rounding out the states with the top 10 foreclosure rates last month were Michigan, Arizona, Georgia, Ohio, Colorado, Texas and Indiana.
RealtyTrac Inc.: http://www.realtytrac.com
After a what seemed to be a routine tonsilitis operation, I could not understand why the Doctor had called me back to his office so soon. Little did I know that I was in for the surprise of my life. Yet, today, I can still hear the words echoing out of the doctor's mouth. "Steve, You have cancer of the throat, and 8 jellybean sized cancerous tumors in your lymph nodes in your neck" cut and dry. Just Like THAT he uttered these words:
You have a year left to live.
That is when the tears started to flow and the reality set in that I have CANCER!
That being said, My Cancer drama started Feb 26, 2007. At the time, I recall how calm I was. That of course would soon change as a mirage of scenerios went through my mind. Then I went about asking the doctor, "So, How do I beat this thing?"
This smug Doctor, with no compassion and concern in his voice at all for my personal welfare, (at the time I had no insurance) said: Well, you will need a radical neck dissection, that could put you out of commission for about 3-4 months, and then he uttered the most shocking news besides the possibility that I would die,,,, You may never be able to talk again.
GEEZE, I started to panic...How will I survive? How will I be able to make a living?....Sales is all I have ever known....What will my wife do? my family!!! I almost fainted from this overwhelming sensation of fear. Then I remembered my Tony Robbins training about FEAR- (False - Evidence - Acquiring - Reality) and survival mode was kicking in. It was at that point I made up my mind. God willing, I WAS GOING TO SURVIVE. Not only did I make up my mind that I was going to survive, I re-focused my mind that I was going to rededicate my life, and perform life at the highest level possible.
Shortly after the bad news, I got a second opinion, I was referred to another doctor, Dr. Anita Pomeranz at the Nevada Cancer Institute. This angel on earth not only helped save my life, she helped give me the courage to fight like hell. Doctor Pomeranz then broke the news to me that I could not eat for 6 months or longer. I had to get a JPEG tube inserted in my stomache and had to go on a liquid diet. so much for steak and beer! (*On a positive note: I ended up losing 70 lbs. However I don't recommend the cancer diet for ANYONE!)
April 23, 2007 ,,,,I went on a program of Chemotherapy and had Radiation treatments for 7 weeks. It was grueling and I was constantly tired and worn out. The constant spitting up of blood, was absolutely the lowest point of my life. But, I prayed everyday, and as I begged God everyday to heal me, the lord delivered instant peace and comfort to me. With in days of starting treatment the bleeding in my throat stopped. I was still tired and exhausted (I would sleep 18 hours a day) My broker, Michele Sullivan was there for me. She helped with my closings and made sure I got paid and supported me morally. Then I started to realize about how lucky I was to have the people that were around me....slowly, and methodically, I constantly would think positive thoughts about how fortunate I was about everything in my life...good and bad. (when your sick, things like this happen) slowly but surely, I got better. I struggled. I was constantly vommiting everday from the treatment, I embraced this,,,,because I was still alive to vomit. my body would shake with weakness. GOOD! THAT MEANS I AM STILL HERE! It was this day August 23, 2007 that I realized that you have to embrace the Good, and the bad in life to live. What a life lesson!!!! It was at this moment I learned to make everything passionate no matter how trivial and small. even small things like being able to open a door, or walking outside, or being able to dress myself.
So, to make a long story short, My Cancer drama just ended October 22, 2007! I just got my tube removed from my stomach and The doctor told me I escaped from a tangerine size tumor in my neck (the worst he had ever seen) all my lymph nodes were clear! It was a MIRACLE!!!
The moral of the story and my personal message to the active rain community is this: No matter how good or bad things are going, count your blessings daily, hug your family, realize how lucky you are to live, AND LIVE PASSIONATELY EVERYDAY!
The National Association of Realtors (NAR) said in a monthly snapshot that sales of existing homes and apartments tumbled to a seasonally adjusted rate of 5.04 million units in September from 5.48 million in August.
The drop was worse than expected. Most economists had only expected sales to decline to around 5.25 million.
Stripping out apartment sales, sales fell to their lowest level since January 1998.
August's sales pace meanwhile was revised down from an original tally of 5.50 million properties.
The depth of the housing depression was underlined by an annual reading which showed sales of homes and apartments across the United States have plummeted a hefty 19.1 percent from September 2006.
Sales activity has slowed dramatically and dragged down prices in many areas in the past 12 months in a market downturn which has also forced many mortgage lenders out of business.
The national median existing-home price for all housing types was 211,700 dollars in September, down 4.2 percent from a year ago.
The glut of unsold homes swamping the market rose 0.4 percent at the end of September to 4.40 million, marking a 10.5-month supply at the current sales pace.
Excluding apartments, the supply of homes has risen to its highest level since February 1988.
"Existing homes sales fell sharply in September," said Stephen Gallagher, an economist at Societe Generale.
"Potential buyers, those without credit obstacles, had plenty of reason to wait and see hoping for greater supply or declining prices," Gallagher said.
Economists are concerned the housing slowdown could put a brake on US economic growth.
The Federal Reserve slashed borrowing costs last month and many economists expect the central bank to trim interest rates again at a policy meeting next Wednesday. The federal funds short term rate is currently pegged at 4.75 percent.
Home sales fell the most in the northeast of the country, dropping 10 percent in September, followed by lesser declines in the West, Midwest and South.
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