A market report released last week indicated that foreclosure filings decreased by four percent in the month of October.

RealtyTrac's monthly foreclosure market report shows a four percent drop in foreclosures nationwide from September to October. The report is careful to detail, however, that foreclosure filings in October 2010 were nearly equal to the number of foreclosure filings recorded in October 2009.

According to James J. Saccacio, the CEO of RealtyTrac, the states of Nevada, Florida, and Arizona continued to post the highest foreclosure rates. Nevada had the worst month, with one in every 79 homes receiving a foreclosure filing during October. Nevada had a foreclosure rate of almost five times the national average.

Saccacio released a statement explaining the report. "October marks the 20th consecutive month where over 300,000 U.S. homeowners received a foreclosure notice," Saccacio said. "The numbers probably would have been higher except for the fallout from the recent 'robo-signing' controversy - which is the most likely reason for the nine percent monthly drop in REOs we saw from September to October and which may result in further decreases in November."

 If you are facing forclosure, please contact a Maryland foreclosure defense attorney of Chaifetz & Coyle, P.C., by calling 443-546-4608.