Foreclosure filings – default notices, scheduled auctions, and bank repossessions – were reported on 228,098 U.S. properties in August, a 7 percent increase from July, but a 33 percent decrease from August 2010, according to RealtyTrac’s U.S. Foreclosure Market Report for August 2011.
First time notices of default were filed on a total of 78,880 U.S. properties in August, a nine-month high and a 33 percent increase from July — the biggest month-over-month increase since August 2007. Despite the monthly increase, default notices still were down 18 percent from August 2010 and were 44 percent below the monthly peak of 142,064 default notices in April 2009.
Default notices increased 55 percent in California on a month-over-month basis, 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, chief executive officer of RealtyTrac. “It also foreshadows more bank repossessions in the coming months as these new foreclosures make their way through the process.”
A 55 percent month-over-month increase in default notices helped keep California’s foreclosure rate second highest among the states in August. One in every 226 California housing units had a foreclosure filing during the month —more than twice the national average. Scheduled auctions and REOs in California were down on both a monthly and annual basis.
From C.A.R. Newsline
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