RealTrac: US properties foreclosure rates drop 33% in August, California with highest foreclosure

By on Sep 16, 2011 in Business, Finance, Lifestyle, United States Comments

The number of US properties with foreclosure filings fell 33% this August as compared to last year, with last month having 228,098 default notices, scheduled auctions or bank repossessions.

RealTrac US properties foreclosure rates August 2011

August 2011 Foreclosure Rate Heat Map
(Click Image To Enlarge)

Image Credit: RealtyTrac.com

According to a report by RealtyTrac.com on Thursday, September 15, 2011, August 2011 foreclosure showed a 7%-increase from the previous month but had a 33%-decrease compared to August 2010.

Apparently, last month’s default notices reached to 78,880 US properties which is 33% higher than July 2011 but were still down by 18% compared to August 2010.

“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,” RealtyTrac CEO James Saccacio said on the report.

“It also foreshadows more bank repossessions in the coming months as these new foreclosures make their way through the process.” Saccacio added.

Meanwhile, California led the list of US states for the month of August, wherein 59,383 properties had foreclosure filings and had the second-highest state foreclosure rate with a 55% month-over-month increase.

This means that one in every 226 California housing units had a foreclosure filing during that month, which is more than twice the national average.

Nevada ranked ninth with only 9,677 foreclosure filings last August, but reportedly posted with the highest state foreclosure rate for the 56th straight month, with one in every 118 housing units with a foreclosure filing during the month.

On the other hand, Arizona had the third highest state foreclosure rate for the second month in a row, with one in every 248 housing units with a foreclosure filing in August, or 11,081 houses.

Nevertheless, other US states with included in the Top 10 with the highest foreclosure rates include Georgia, Idaho, Michigan, Florida, Illinois, Colorado and Utah.



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