The number of foreclosure filings nearly doubled nationwide last month, according to a new study.

A total of 224,451 filings — including default notices, auction sale notices and bank repossessions — were reported in October. That’s up 2 percent from the previous month and marks a 94 percent rise from the same time last year, a study by research firm RealtyTrac shows.

Foreclosure filings have leveled off in the past two months, but experts say we’re likely to see many more down the road as an estimated 2 million Americans face interest rate adjustments on their mortgages in the coming months.

A recent study by national financial analysis firm Global Insight projects that the number of loans in foreclosure in Arizona will climb by more than 60,500 in 2008. That represents a total housing value of at least $13.7 billion. The report also estimates that the total value of housing statewide will drop by more than $30 million because of the foreclosure crisis and sagging home prices.

In RealtyTrac’s study released today, Arizona was listed as the state with the eighth highest foreclosure rate. That’s actually an improvement from September, when we came in at No. 5.

There were 6,339 foreclosure filings reported statewide in October. That’s down 21.4 percent from the previous month but is still up 129.3 percent from a year ago.

Meanwhile, the talk among local real estate agents is that the rising foreclosure rate is likely to be a problem for the foreseeable future.  Banks are taking back hundreds of homes after failed foreclosure auctions, and some former homeowners are refusing to be evicted by illegally staying in the houses.

A majority of 150 metropolitan areas tracked by the National Association of Realtors experienced rising or stable home prices in the third quarter 2007, according to a new report.

The median existing single-family home price climbed in 93 of the areas, including six regions that showed double-digit gains. Another 54 areas had price declines, and three remained unchanged.

Bismarck, N.D. saw the largest price increase where the median price of $161,600 was up 15.1 percent form a year ago.

Home builders can’t yet see the light at the end of the tunnel.

Builder confidence remained unchanged in November from the month prior, staying at it’s lowest point since 1985, according to the latest National Association of Home Builders/Wells Fargo Housing Market Index.

The credit crunch and inventories of excess homes continue to plague builders.

“Many (builders) are reporting that their special sales incentives are having limited success in terms of getting buyers in the door,” association President Brian Catalde said in a statement. Catalde also expressed concerned that media reports about the housing downturn may be dissuading  buyers.

The index gauges builder perceptions of current single-family home sales and their expectations for the next six months.

The Valley is no longer leader of the pack when it comes to the apartment rental market, as rents continue to moderate in 2007.

For the past few years, rents here have been climbing at a blistering pace. Now, landlords are compete with unsuccessful home sellers who are renting out their properties, so the supply of units is increasing and vacancies are climbing,

Valley rents are still growing but at a slower pace. The average rent in the Phoenix-Mesa-Scottsdale area was $815 in the third quarter 2007 — a 2.6 percent increase from a year ago, according to research firm RealFacts. Each quarter, RealFacts surveys rental communities of 100 units or more in major metropolitan areas throughout 15 states.

Salt Lake City saw the largest rent increase for the quarter at 4.1 percent, followed by San Francisco and San Jose, both at 3.3 percent, the survey shows.

The average Valley rent has increased by roughly 14 percent in the past five years. The average rent in 2002 was $710.

The housing market may be slow, but commercial real estate is still chugging along nicely and bringing in big paychecks for brokers.

A recent survey of National Association of Realtors commercial members shows that more than 51 percent earned $100,000 or more in 2006. Some 18 percent earned $250,000 or more; 33 percent made from $100,000 to $250,000; and 24 percent earned from $50,000 to $100,000.

The top specialties of those surveyed were land sales, office leasing, multifamily building sales, retail building sales, office building sales and industrial building sales.

A development that combines condominiums and retail space is inching closer to becoming a reality near Fiesta Mall in west Mesa.

The project, called AquaTerra, will  open a sales office this weekend on West Grove Avenue east of the mall. The mixed-use development will include 350 condos and 20,000 square feet of retail space.

The condos will likely range in size from 600 to 3,000 square feet and cost from the $180,000’s to the $900,000’s. Construction is slated to begin in summer of next year.