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Foreclosure News | Foreclosure Resources | Foreclosure Prevention Guide

REOs Rising

195,000 August pre-foreclosures

September 8, 2008

By MortgageDaily.com staff

Foreclosures were completed on a rising number of mortgages last month. But conflicting data from today's report make it unclear whether pre-foreclosures improved or worsened.

Around 195,000 pre-foreclosures were filed during August based on data reported today by ForeclosureS.com. Filings rose from around 192,300 filings reported in July and around 164,200 a year earlier.

However, the rise -- computed based on national year-to-date figures reported this month, an aggregate of regional year-to-date figures reported for July and national year-to-date figures from June -- conflict with ForeclosureS.com's statement today that "pre-foreclosure actions by lenders slowed slightly from July."

The Sacramento, Calif.-based foreclosure listing service said its findings are based on a database of more than 5.5 million properties.

So far during 2008, 1.45 million pre-foreclosures have been filed, The activity is almost double the level during the same period in 2007, when 731,244 filings were reported.

Almost 102,000 foreclosures were completed during August. Repossessions rose from approximately 96,200 in July and about 56,700 in August 2007.

From January through August of this year, 656,545 repossessions have been filed, nearly twice as many as the 355,624 reported for the same period last year. ForeclosureS.com projects the total will exceed 1 million during all of 2008.

Year-to-date real estate owned filings work out to 8.6 REOs for every 1,000 U.S. households.

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