Foreclosure Activity Drops To June Levels

WASHINGTON (AP) - The latest numbers on home foreclosures show
the problem easing a bit last month, but remaining a huge

Foreclosure-information firm RealtyTrac says foreclosure filings
fell 7 percent in November from October. But they were still
28-percent higher than in November a year ago, with one in every
488 U.S. housing units getting a foreclosure filing.

The RealtyTrac report says foreclosure activity last month hit
the lowest level since June, partly reflecting recently enacted
state laws that have slowed the process.

Senior vice president Rick Sharga tells The Associated Press
that there may be a foreclosure spike in January. He cites the
rising unemployment rate and surging delinquencies.

Last week, the Mortgage Bankers Association reported that a
record one in 10 American homeowners with a mortgage were either in
foreclosure at the end of September or were at least one month
behind on their payments.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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