Filing were up 7% compared to July, but were still 33% lower than a year ago.
According to Realty Tract’s report, 228,098 homes in the US received some kind of foreclosure filing in August. Foreclosure auctions and bank repossessions, which come later in the process, both fell slightly.
The increased in default notices may signal that lenders are starting to finally push through foreclosure paperwork that was previously delayed by “robo-signing”.
The good news is that bank repossessions have been falling. Lenders repossessed 64,813 homes in August, a six-month low and a 37% decline after they hit a peak in September last year.
Meanwhile, foreclosure auctions were scheduled for 84,405 homes, the lowest number in more than three years.
Information from CNNMoney.com
- Foreclosure filings jump 7% in August from July Foreclosures fall over the year, but monthly figures signal trouble ahead (lonerangersilver.wordpress.com)
- Mortgage default warnings surged in August (sfgate.com)