U.S. Foreclosure Update

U.S. foreclosure filings in August fell less than 1% from July and rose 18% from the year-earlier month, the real-estate consultants RealtyTrac reported.

Foreclosure filings -- defined as default notices, scheduled auctions and bank repossessions -- were reported on 358,471 U.S. properties during the month, the Irvine, Calif., firm said. That's 1 of every 357 U.S. housing units.

Real estate owned by banks dropped 13% in August compared with July, which had marked the monthly high for 2009. But at the same time, a record number of properties entered default or were scheduled for foreclosure auction in August, RealtyTrac Chief Executive James J. Saccacio said in a statement late on Wednesday.

Nevada maintained its status as the state with the highest foreclosure rate: 1 in every 62 units was subject to a foreclosure filing in August, RealtyTrac reported. For the month, foreclosure filings totaled 17,902 units, down 8% from July and up 53% from August 2008.

Florida was No. 2 in foreclosure rates, at 1 in every 140 units receiving a filing, and California was No. 3, at 1 in every 144 units.

In absolute numbers, California had the highest number of foreclosures, with 92,326 properties receiving a filing in August. That's down 15% from July 2009 and down 9% from August 2008.

Florida was No. 2 on this list, with 62,401 properties subject to foreclosure filings. That's up 10% from July and up nearly 42% from the year-earlier month.

Michigan jumped to No. 3 in absolute numbers, a total of 19,359 filings in August. That's more than double the figure for July 2009 and up 42% from August 2008. The results stem from a new law that requires lenders to file separate public notices of default before they schedule foreclosure auctions, RealtyTrac said.

Rob Alley, Realtor at Keller Williams Charlottesville
540-250-3275 (cell)
roballeyrealtor@gmail.com
http://www.robsellscharlottesville.com
http://www.forestlakesliving.com
http://www.charlottesvillevarealestate.blogspot.com
http://www.charlottesvilleshortsale.com
http://www.theaverygroup.com