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Foreclosure Rate Up But Slowing






More than 300,000 foreclosures were reported in August, yet the foreclosure rate is slowing down on an annual basis. Nevada had the nation’s highest state foreclosure rate for the 20th consecutive month.


Foreclosure activity increased by 12 percent in August from the previous month and 27 percent over August 2007, according to RealtyTrac, an online marketplace for foreclosure properties.

More 303,000 foreclosures were reported in August, which equates to one in every 416 households receiving foreclosure notices.

“In August the total number of U.S. properties that received foreclosure filings as well as the national foreclosure rate were both the highest we’ve seen in any month since we began issuing our report in January 2005; however, the annual increase of 27 percent was actually substantially lower than in previous months this year, when it was hovering around 50 to 65 percent,” said James J. Saccacio, chief executive officer of RealtyTrac. “The lower annual percentage increase this month is due to a big spike in activity last August -- particularly in default activity."

With one in every 91 households receiving a foreclosure filing in August, Nevada continued to document the nation’s highest state foreclosure rate for the 20th consecutive month. Foreclosure filings were reported on 11,706 Nevada properties, a 16 percent increase from the previous month and an 89 percent increase from August 2007.

California continued to document the nation’s second highest state foreclosure rate, with one in every 130 households receiving a foreclosure filing in August, and Arizona registered the third highest state foreclosure rate, with one in every 182 households receiving a foreclosure filing during the month.

Other states with foreclosure rates ranking among the top 10 were Florida, Michigan, Georgia, Ohio, Colorado, Illinois and Indiana. Michigan, Georgia, Ohio and Colorado all reported annual decreases in foreclosure activity.

Foreclosure filings were reported on 101,724 California properties in August, one-third of the national total and the most of any state. The state’s foreclosure activity increased more than 40 percent from the previous month and more than 75 percent from August 2007.

Florida posted the second highest total in August, with foreclosure filings reported on 44,000 properties during the month -- a 4 percent decrease from the previous month but still up nearly 30 percent from August 2007. One in every 194 Florida properties received a foreclosure filing in August, the nation’s fourth highest state foreclosure rate.

Foreclosure filings were reported on 14,333 Arizona properties in August, the nation’s third highest state total. Arizona foreclosure activity was up 7 percent from the previous month and nearly 63 percent from August 2007.

California, Florida and Arizona together accounted for more than half of the nation’s foreclosure activity.

Despite a nearly 13 percent annual decrease in foreclosure activity, Michigan documented the nation’s fourth highest state foreclosure total in August, with foreclosure filings reported on 13,605 properties during the month.

Other states with total properties with foreclosure filings among the 10 highest were Nevada, Ohio, Texas, Illinois, Georgia and New Jersey.

Source: RealtyTrac


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June 17, 2019, 8:45 am PDT

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