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RealtyTrac's U.S. Foreclosure Market Report for August revealed many positive and negative trends for the country's housing sector.
Overall, 228,098 properties were issued foreclosure filings during the month, which is up 7 percent from July's total. However, on a yearly basis, the volume was down nearly 33 percent, which marks the 11th straight month the country has improved its foreclosure rate on a year-to-year basis. During August, one in every 570 housing units entered the foreclosure process.
The monthly increase can be attributed to the rise in first-time default notices, which jumped 33 percent from July to reach 78,880 – a nine-month high. The increase is the largest month-over-month incline since August 2007, according to the report., August's total was down 18 percent from the same month the year before and 44 percent lower than the national peak of 142,064 issued in April 2009.
"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."
During the month, 84,405 foreclosure auctions were scheduled, which is down 1 percent from July and 43 percent from August 2010. The total volume was at a 37-month low during August and was 47 percent below the monthly peak of 158,105 set in March 2010.
In addition, lenders repossessed 64,813 properties in August, which is down 4 percent from the previous month and 32 percent from the year before. August's total volume of REOs reached a six-month low and was 37 percent below the peak set in September 2010 of 102,134 bank repossessions.
For the 56th straight month, Nevada led the country in foreclosure rate, as one in every 118 housing units received a filing during August. Overall, 9,677 properties in the state became distressed during the month, which is down 3 percent from July and 28 percent from August 2010. The month's declines can be attributed to a 30 percent monthly reduction in scheduled auctions and a 6 percent drop in REOs. Default notices increased, however, rising 31 percent from July, but the total was still down 32 percent from August 2010.
California posted the second-highest foreclosure rate with one in every 226 properties receiving a filing. Arizona was third for the second straight month with a rate of one in 248 properties. Georgia, Idaho, Michigan, Florida, Illinois, Colorado and Utah rounded out the top 10.
The top five states in overall volume of foreclosures – California, Florida, Michigan, Illinois and Georgia – represented 53 percent of the nation's total distressed properties during August. In California, 59,383 properties became distressed during the month, while Florida recorded a total of 23,569, up 5 percent from July, but down 59 percent from August 2010.
Among metropolitan areas with a population of 200,000 people, Las Vegas led the nation in terms of foreclosure rate, as one in every 103 housing units received a filing during August, which is more than five times te national average. The top 10 metro areas in terms of foreclosure rate came from only two states – Nevada and California. While Las Vegas was first, Reno, Nevada, was 10th, with the second through ninth spots all in California – Modesto, Vallejo-Fairfield, Stockton, Riverside-San Bernardino, Sacramento, Bakersfield, Fresno and Visalia-Porterville. Of these cities, Stockton was the only city not to post a double-digit monthly increase in default notices.
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