According to Mortgage Ledger, US foreclosure activity decreased less than 1 percent from record high in July with activity up 18 percent from August 2008 despite year-over-year drop in REOs. RealtyTrac considers default notices, auction sale notices and bank repossessions as foreclosure filings.
“After hitting a high for the year in July, REOs dropped 13 percent in August, but we also saw a record high number of properties either entering default or being scheduled for a public foreclosure auction for the first time.”
“After hitting a high for the year in July, REOs dropped 13 percent in August, but we also saw a record high number of properties either entering default or being scheduled for a public foreclosure auction for the first time.” Florida fell into the second worst ranking with one foreclosure filing for every 140 households in August.
California ranked third with one foreclosure filing for every 144 households.
This maybe good for the real estate finance industry as a whole, but this movement (of reduced foreclosures) needs to be sustained over an extended period of time.
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