[IMGCAP(1)]
IRVINE, CA—US foreclosure filings on residential properties increased 7% from the previous month in August, but are still down 9% from a year ago, according to a report from RealtyTrac. Foreclosure filings were reported on 116,913 US properties last month, which amounts to one in every 1,126 housing units with a foreclosure filing during the month.
Scheduled foreclosure auctions increased from a year ago in 24 states, including Colorado, Oregon, Connecticut, New York, Oklahoma, New Jersey, Illinois, South Carolina and Maryland. Also, six of the nation's 20 largest metro areas posted year-over year increases in foreclosure activity: Washington, DC; New York; Baltimore; Atlanta; Philadelphia; and San Francisco.
According to Daren Blomquist, VP of RealtyTrac, “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. 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.”
As GlobeSt.com reported in August, housing markets in California and Florida posted the highest share of distressed sales in July, according to report from RealtyTrac. Markets with the highest share of distressed sales and short sales combined during the month were Las Vegas; Stockton, CA; Modesto, CA; Lakeland, FL; and Cape Coral-Fort Myers, FL, the report says.
[IMGCAP(2)]
[IMGCAP(3)]
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
