RealtyTrac has released its U.S. Foreclosure Market Report which shows that foreclosure filings ticked up in August. Default notices, scheduled auctions and bank repossessions were reported on 193,508 properties last month, which represents an increase of one percent from July, but down 15 percent from August, 2011. The report also shows one in every 681 U.S. housing units with a foreclosure filing during the month.
Findings in the report include:
- Illinois posted the nation’s highest foreclosure rate, one in every 298 housing units with a foreclosure filing. August was the first month that Illinois has ranked No. 1 since RealtyTrac began issuing its report in January 2005.
- Twenty states registered year-over-year increases in foreclosure activity, led by judicial foreclosure states such as New Jersey, New York, Maryland, Illinois and Pennsylvania.
- Foreclosure activity in the 24 non-judicial states and District of Columbia combined decreased 31 percent annually, although 15 non-judicial states and DC posted monthly increases in foreclosure activity, including Arkansas (61 percent), Utah (41 percent), Colorado (25 percent) and Washington (23 percent).
- Following three straight months of year-over-year increases, U.S. foreclosure starts in August decreased 13 percent from a 17-month high in August 2011.
- U.S. bank repossessions (REO) in August decreased 2 percent from the previous month and were down 19 percent annually — the 22nd consecutive month with a year-over-year decline in REOs.
For the full release, click here.