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Foreclosures Turn Higher, REOs to Rise

228,098 filings in August

Sept. 15, 2011

By staff

A big improvement in new foreclosure filings during July was wiped out last month. Fewer filings were made, however, than a year ago. Completed foreclosures eased but appear poised to rise.

Foreclosure filings include notices of default and lis pendens, notices of trustee sale and foreclosure sale, and real-estate-owned actions.

During August, total filings were made on 228,098 properties.

That was according to RealtyTrac.

Filings climbed from 212,764 in July.

RealtyTrac Chief Executive Officer James Saccacio said the increase might signal that servicers are beginning to move some of the foreclosures delayed by robo-signing and other documentation problems.

But foreclosure activity was lower than 338,836 filings in August 2010.

Year-to-date Aug. 31 filings amount to around 1,611,264.

California maintained its title as the state with the most foreclosures: 59,383. Golden State activity was worse than 56,193 filings in July.

Florida again followed, with the number rising to 23,569 from 22,337. After that was Michigan's 13,016, Illinois' 12,493 and Georgia's 11,743.

In all, the top five states accounted for 53 percent of all U.S. filings.

228,098 filings in August

With only nine total filings, Vermont registered the fewest foreclosures.

The rate of U.S. foreclosures was one filing for each 570 housing units, a deterioration from one-in-611 filings in July. The rate was better, though, than one filing for each 381 housing units during August of last year.

Nevada's one-in-118 rate was the worst of any state. It was the 56th consecutive month that the Silver State topped this category. But it was a little better than Nevada's one-in-115 rate a month earlier.

Drilling down to Las Vegas, the rate deteriorated to one-in-103 -- the worst of any metropolitan area.

A filing was made in California for each 226 housing units. Arizona's rate was one-in-248, while Georgia's one-in-346 was next, then Idaho's one-in-348.

The country completed 64,813 foreclosures in August, fewer than 67,829 REO filings in July.

It was a big improvement from 95,364 repossessions during August 2010.

But the lull might only be temporary, suggested Saccacio. He explained that the increase in default notices "foreshadows more bank repossessions in the coming months."

From Jan. 1 to Aug. 31, RealtyTrac data indicates that a total of 552,950 REOs were filed.

REO filings in California fell to 11,718 from July's 13,092.

Florida's REO filings were less than half California's level: 5,096.

Georgia had 4,323 REO filings, then 4,009 in Michigan and 3,816 in Texas.

Just nine REOs were reported for Vermont.

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