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Foreclosure News | Foreclosure Resources | Foreclosure Prevention Guide

Foreclosures Surge

303,879 filings during August

September 12, 2008

By MortgageDaily.com staff

Foreclosure activity jumped last month, with one out of every three U.S. filings occurring in California.

August saw 303,879 foreclosures filed, RealtyTrac reported today. Foreclosures jumped from 272,171 during July and were 27 percent higher than year earlier.

Filings include default notices, auction sale notices and bank repossessions.

RealtyTrac noted the number of filings during August was higher than any month since it began tracking foreclosures in 2005.

So far this year, 1,982,938 U.S. foreclosures have been filed.

California accounted for 101,724 of last month's filings, soaring from 72,285 filings in July. Florida followed, with 44,000 foreclosures, then Arizona, at 14,333. No. 4 was Michigan, which had 13,605 foreclosures, and Nevada was No. 5, with 11,706 filings.

Vermont had just 18 foreclosures in the latest report -- fewer than any other state.

One foreclosure was filed for every 416 U.S. households during August, worsening from one filing for every 464 households the previous month.

Nevada had the worst foreclosure rate of any state, with one filing for every 91 households -- deteriorating from one filing for each 106 households in July. At one filing for each 130 households, California had the second worst rate. Arizona followed, with a filing for every 182 households, then Florida, which had a foreclosure for each 194 households. No. 5 was Michigan, at one filing for every 332 households.

West Virginia had the most favorable rate -- at one filing for every 20,414 households.

Among metropolitan areas, Stockton, Calif., had the worst rate with on filing for every 50 households. Merced, Calif., was next, followed by Modesto, Calif.

Real estate owned filings, where the foreclosure was completed and the property became owned by the lender, totaled 90,893 in August, jumping from 77,295 the month before and more than doubling from 42,789 in August 2007.

Year-to-day through Aug. 31, 513,355 U.S. REOs have been filed.

California also led this category, with 33,205 REOs last month, soaring from 23,406 the prior month. Florida followed, with 7,105 repossessions, then Michigan, which had 5,567, and Arizona, at 5,272. No. 5 was Texas, where 4,526 REOs were filed.

The fewest REOs were found in South Dakota, where just 3 properties were taken over by the lender.

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