U.S. foreclosures up in August
September 15, 2011 01:30PM
Foreclosure filings in August increased 7 percent in August, but were still down nearly 33 percent from August 2010, according to national data released by Realtytrac today. There were foreclosure filings on 228,098 U.S. properties in August, or about one in 570 housing units.
In Florida, there were 23,569 foreclosures, or one in every 376 units.
First-time default notices were at a nine-month high and had their biggest month-over-month increase -- 33 percent -- since August 2007, but were still down 18 percent from August 2010 and 44 percent from the monthly peak of 142,064 default notices in April 2009.
Default notices increased more than 40 percent on a month-over-month basis in several states, including New Jersey (42 percent), Indiana (46 percent) and California (55 percent), but were still down from a year ago in all of those states.
"The big increase in new foreclosure actions may be a signal that lenders are starting to push through some of the foreclosures delayed by robo-signing and other documentation problems," said James Saccacio, CEO of RealtyTrac. "It also foreshadows more bank repossessions in the coming months as these new foreclosures make their way through the process."
Foreclosure auctions decreased 43 percent year-over-year, and dropped 1 percent from a month prior.
Foreclosure auctions hit a 37-month low in August and were 47 percent below the monthly peak of 158,105 scheduled auctions in March 2010.
Repossessions saw a 32 percent decrease from August 2010 and a 4 percent decrease from the previous month. The real estate owned by bank total in August marked a six-month low and was 37 percent below the monthly peak of 102,134 bank repossessions in September 2010. -- Miranda Neubauer
In Florida, there were 23,569 foreclosures, or one in every 376 units.
First-time default notices were at a nine-month high and had their biggest month-over-month increase -- 33 percent -- since August 2007, but were still down 18 percent from August 2010 and 44 percent from the monthly peak of 142,064 default notices in April 2009.
Default notices increased more than 40 percent on a month-over-month basis in several states, including New Jersey (42 percent), Indiana (46 percent) and California (55 percent), but were still down from a year ago in all of those states.
"The big increase in new foreclosure actions may be a signal that lenders are starting to push through some of the foreclosures delayed by robo-signing and other documentation problems," said James Saccacio, CEO of RealtyTrac. "It also foreshadows more bank repossessions in the coming months as these new foreclosures make their way through the process."
Foreclosure auctions decreased 43 percent year-over-year, and dropped 1 percent from a month prior.
Foreclosure auctions hit a 37-month low in August and were 47 percent below the monthly peak of 158,105 scheduled auctions in March 2010.
Repossessions saw a 32 percent decrease from August 2010 and a 4 percent decrease from the previous month. The real estate owned by bank total in August marked a six-month low and was 37 percent below the monthly peak of 102,134 bank repossessions in September 2010. -- Miranda Neubauer
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