Foreclosure Filings Rise, but Growth Slow’s
Real Estate News from the We Buy Houses Team
Property foreclosure filings for August rose 12% from the prior month to reach the highest level by one measurement since at least early 2005, but year-to-year growth slowed substantially amid measures being taken to stem foreclosures.
Foreclosure-listing service RealtyTrac said there were foreclosure filings on 303,879 properties last month, or one for every 416 households. The figures are the highest since RealtyTrac began issuing its monthly reports in January 2005.
But the number of filings was up 27% from August 2007, half the annual increase seen in recent months. RealtyTrac Chief Executive James J. Saccacio said there was a year-earlier spike in default rates that boosted the 2007 figure, but also highlighted steps being taken by state governments and loan servicers to avoid, or at least forestall, foreclosure proceedings.
“The question now is whether these measures will actually reduce foreclosures or simply cause a temporary lull in foreclosure activity,” he said.
For the 20th consecutive month, Nevada had the nation’s highest foreclosure-filing rate, with one in every 91 households receiving one.
California had the second-highest rate of activity and the highest number of filings. They totaled 101,724 for the nation’s most populous state, or one-third of the national total. Metro areas in California accounted for eight of the top 10 rates, with Stockton topping the list with one household for every 50 receiving a filing.