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|Foreclosure Metrics Improve
Filings made on 128,560 properties in August
Sept. 12, 2013
By Mortgage Daily staff
|New foreclosure filings increased in California from July to August, while the foreclosure rate doubled in Nevada and completed foreclosures rose in Florida. Still, the nation as a whole saw across-the-board improvement.
Foreclosure starts -- including notices of default, lis pendens and notices of trustee's sale -- amounted to 56,775 in August.
The filings, which are the first public notice of foreclosure, were lower than in July, when the total was 60,601.
Foreclosure starts sank from the same month last year, when 99,405 notices were filed. It was the 35th consecutive year-over-year improvement.
Historical data from RealtyTrac, which released the August numbers Thursday, indicate that 525,867 foreclosure starts were filed in the first eight months of 2013.
California saw 7,085 foreclosure starts during August. That was more than any other state and worse than the 6,299 filed the prior month.
Florida relinquished its No. 1 standing in July, when it had 9,180 foreclosure starts, and fell to No. 2 last month with 5,220.
New York was third in August with 3,482 foreclosure starts, then 3,044 in Texas and 2,998 in Ohio.
North Dakota and Vermont both had no foreclosure starts reported.
Including all filing types -- default notices, scheduled auctions and bank repossessions -- 128,560 U.S. properties had a foreclosure filing, fewer than July's total of 130,888. Total foreclosure notices were way down from August 2012, when 193,508 properties faced a filing.
More Florida properties were hit with a filing than any other state: 23,372. However, that was an improvement from 27,266 in July.
No. 2 California saw its total worsen to 15,136 from 13,249.
After that was Ohio's 9,542 filings, Illinois' 7,289 and 4,633 foreclosures in Georgia.
At the bottom of the list of states was North Dakota, where just 10 properties faced a filing.
The U.S. foreclosure rate was one filing for each 1,019 housing units in August, better than the one-in-1,001 rate the prior month. The rate was far better than one filing for each 681 units as of a year earlier.
At one-in-359, Nevada's rate saw significant deterioration from one-in-731 during July -- landing it in the worst position last month. The Las Vegas Metropolitan Statistical Area had the third-worst rate in the United States.
"The increase in defaults is most likely tied to the implementation of two new laws in Nevada, SB 300, which took effect June 1, and the Nevada Homeowner Bill of Rights, which will take effect on Oct. 1," Chase International Chief Operating Officer Craig King was quoted in the report as saying. "Banks are in the process of interpreting the new laws and making necessary changes in their documentation, and have said it will take some months to sort through the changes. During this process there will probably be significant volatility in foreclosure-related activities."
Florida's rate improved, however, to one-in-383 from the previous month's one-in-328. The Sunshine State improved despite that five of its MSAs were among the 10-worst in the county. Miami MSA's rate was the worst among the 20-biggest areas, while Tampa was the second-worst.
No. 3 Ohio had a one-in-537 rate during August, then one-in-609 in Maryland and on-in-638 in Delaware.
North Dakota's one filing for each 31,552 housing units was the best rate of any state.
Moving on to completed foreclosures, the country saw 39,277 real-estate-owned filings in August, climbing from the previous month's 36,964. But fewer repossessions were made than the 52,380 in August 2012.
So far during 2013, completed foreclosures number 324,779.
Florida led the nation with 8,439 REO filings, climbing from 7,602 a month earlier.
Ohio followed with completed foreclosures rising to 3,583 from 2,774.
No. 3 California had 2,268 repossessions, then 2,231 in Illinois and 2,068 in Michigan.
With just 10 REO filings, North Dakota had the fewest.
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