A recently published report by RealtyTrac revealed that the number of foreclosures in the United States declined yet again during the month of November.

According to the report, the total number of U.S. foreclosures during November 2011 was 224,394 -- a decrease of three percent from October 2011 and 14 percent from the same time last year.

RealtyTrac identified government investigations, increased judicial oversight and the foreclosure freeze - instituted by several mortgage lenders following revelations that they may have relied upon faulty procedures and/or deficient information to foreclose upon thousands of homes - as some of the contributing factors for the steady decline in foreclosure/foreclosure filings.

Interestingly enough, however, analysts have warned that this drop is likely only temporary and that foreclosure rates will likely start to climb well into 2012. Why? Many more foreclosure cases that mortgage lenders were forced to re-file in various state court systems will soon be approved, meaning the foreclosure backlog of over four million delinquent loans will slowly begin making their way through the pipeline.

"November's numbers suggest a new set of incoming foreclosure waves, many of which may roll into the markets as REOs [bank repossessions] or short sales sometime early next year," said James J. Saccacio, Chief Executive Officer of RealtyTrac. "Overall foreclosure activity is down 14 percent from a year ago, the smallest annual decrease over the past 12 months, and some bellwether states such as California, Arizona and Massachusetts actually posted year-over-year increases in foreclosure activity in November."

In addition, the RealtyTrac report noted that the number of scheduled foreclosure auctions reached a nine-month peak during the month of November.

The RealtyTrac report found that Arizona had the third highest foreclosure rate in the nation with one notice for every 256 homes. Similarly, Phoenix was found to have the third highest foreclosure rate in the nation with one notice for every 209 homes.

If you are facing foreclosure, you should strongly consider contacting an experienced bankruptcy attorney to learn more about your rights and your options under Chapter 13 bankruptcy.

This post is for informational purposes only and is not to be construed as legal advice.

Stay tuned for further developments from our Phoenix bankruptcy blog ...

Sources:

CNBC, "New foreclosure wave is coming," Dec. 15, 2011

San Antonio Business Journal, "Texas posting significant downward trend in yearly foreclosures, analysis finds" Dec. 16, 2011