Mortgage Daily Logo

Foreclosure Activity Worsens

Foreclosure

Whether it was foreclosure filings, the foreclosure rate or completed foreclosures — month-over-month activity deteriorated. Florida had the worst record in each category.

Last month, U.S. foreclosures were started on 55,573 home loans. Filings worsened from the 49,624 foreclosures initiated in July.

During the eight months that ended on Aug. 31, mortgage servicers started foreclosures on 421,104 residential loans.

RealtyTrac, which announced the data, previously reported that foreclosure starts totaled 56,775 in August 2013.

With 6,468 foreclosures started, Florida had more than any other state. California’s 6,211 ranked second, followed by New Jersey’s 4,470, Texas’ 2,937 and New York’s 2,812.

No foreclosures were initiated in North Dakota.

Including notices of default and Lis Pendens, notices of trustee’s sale, and notices of foreclosure sale, and real-estate-owned filings — foreclosures were filed on 116,913 U.S. properties during August.

Total filings climbed from 109,434 a month earlier but retreated from 128,560 a year earlier.

“The August foreclosure numbers demonstrate that although the foreclosure crisis is well behind us, the messy business of cleaning up the distress lingering from the housing bust continues in many markets,” RealtyTrac Vice President Daren Blomquist stated in the report. “The annual increase in foreclosure auctions — the first since the robo-signing controversy rocked the foreclosure industry back in late 2010 — indicates mortgage servicers are finally adjusting to the new paradigms for proper foreclosure that have been implemented in many states, whether by legislation or litigation or both.”

Filings were made on 22,468 Florida properties — more than any of its peers. California saw 13,303 filings, then 7,015 in Georgia, 6,434 in New Jersey and 6,284 in Illinois.

North Dakota had the fewest filings: none.

Total filings 116,913 in August

The U.S. foreclosure rate was one filing for each 1,126 housing units last month, worsening from one-in-1,203 in July but easing up from one-in-1,019 in August 2013.

Florida had a filing on each 400 homes, the worst of any state. The Sunshine State’s standing was bolstered by eight metropolitan statistical areas in the state that were among the 10-worst in the nation.

Nevada was No. 2 with one-in-524 filings. After that was Maryland’s one-in-532, New Jersey’s one-in-553 and Georgia’s one-in-582.

North Dakota had no effective rate, the best record in the country.

The ultimate metric, completed foreclosures, climbed nationally to 26,343 in August from 25,937 the previous month. REO filings totaled 39,277 in the same month last year.

From Jan. 1 through Aug. 31, repossessions amounted to 226,971.

Florida had the most completed foreclosures: 5,277. No. 2 Georgia saw 4,204 repossessions, followed by California’s 2,152, Illinois’ 1,612 and Ohio’s 1,406.

No foreclosures were completed in North Dakota.

Related Posts

What To Expect When Buying a Foreclosed House

What To Expect When Buying a Foreclosed House

When scrolling through the various real estate websites and apps, you may find properties marked “in foreclosure”. Often the prices on these homes are quite low and can even seem too good to be true. So, is a foreclosed house really worth considering? As with anything...

1 Billboard Inside Wilmington, North Carolina

1 Billboard Inside Wilmington, North Carolina

A delinquent borrower has paid for a billboard in Wilmington, North Carolina, in his effort to avoid a foreclosure on his delinquent loan with SunTrust Mortgage Inc. Scott Griffin had three loans with the Richmond, Virginia-based company as of 2007. One of the loans...

1 Billboard Inside Wilmington, North Carolina

Overcoming Statute of Limitations in Foreclosures

Challenges to mortgage lenders and servicers' right to foreclose based on the expiration of the statute of limitations are rapidly increasing in the Pacific Northwest and Southwest regions. Consumer attorneys are now representing borrowers in a winner-take-all bid to...

1 Billboard Inside Wilmington, North Carolina

Couple Claims Victory in 10-Year-Old Foreclosure

A Sound Beach, New York, couple fighting foreclosure for nearly 10 years "can finally close that chapter of their lives" now that their lender has missed court deadlines to continue the legal battle, the couple's lawyer said Tuesday. Fred and Theresa Tovar's mortgage...

1 Billboard Inside Wilmington, North Carolina

GSEs Announce Annual Foreclosure Moratorium

In what has become an annual tradition, the government-sponsored enterprises are suspending foreclosure evictions during the holiday season. The Federal National Mortgage Association issued a statement Monday indicating it will suspend evictions from Dec. 19 through...

Popular posts

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming paperwork has been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and furniture need to...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand-new mortgage loan can be a difficult task, especially for first-time homeowners.   After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first...

Newsletter

Don’t worry, we don’t spam