Foreclosure Filings Up 4%; Bank Repos Hit New High in August

Foreclosure salesBank repossessions – normally the final phase of a foreclosure – hit a record high in August for the third time in the last five months, according to RealtyTrac’s latest report on U.S. foreclosure activity.
Lenders foreclosed on 95,364 U.S. properties in August, the highest monthly total in the five-year history of the site’s closely-watched report — and about 2 percent higher than the previous peak of 93,777 bank repossessions — also referred to as REOs — in May 2010.
 August REO activity increased 3 percent from the previous month and was up 25 percent from August 2009. Last month marked the ninth straight month where REOs have increased on a year-over-year basis.
Overall foreclosure filings increased 4 percent in August, including default notices, scheduled auctions and bank repossessions. A total of 338,836 properties were hit with a filing. However, that represents a 5 percent decrease from August 2009.
“The trend lines of decreasing default notices and increasing bank repossessions converged in August, with virtually the same number of new default notices and bank repossessions for the month — a clear indication that the clogged foreclosure pipeline is being carefully managed on both ends by lenders and servicers,” said James J. Saccacio, chief executive officer of RealtyTrac.
Foreclosure auctions were scheduled for the first time on a total of 147,003 U.S. properties in August, a 9 percent increase from the previous month and a 2 percent increase from August 2009. T
The August total for scheduled auctions was the second-highest monthly total in RealtyTrac’s monthly reports, which started in April 2005, and was 7 percent below the peak of 158,105 in March 2010.
Nevada, Florida and Arizona posted the top foreclosure rates in August.
Nevada continued to document the nation’s highest rate for the 44th straight month, with one in every 84 housing units receiving a foreclosure filing in August — 4.5 times the national average.
Read RealtyTrac’s full report.

Leave a Reply

Your email address will not be published. Required fields are marked *