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November 24, 2014

Foreclosures Continue to Fall From Last Year's Levels

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Foreclosures Continue to Fall From Last Year's Levels

Foreclosure starts are down 13 percent from a year ago when they had reached a 17-month high, RealtyTrac reports. Foreclosure starts include default notices or scheduled foreclosure auctions. 

Many experts had been predicting a foreclosure wave to occur this summer with foreclosures reaching elevated levels. But the “wave” has yet to materialize. Foreclosure starts increased 1 percent in August from July but remain well-below year ago levels. 

Several states saw large decreases in foreclosure starts in August:

Oregon - 89% decrease

Nevada - 64% decrease

Utah- 57% decrease

Massachusetts - 47% decrease

California - 42% decrease

Arizona - 41% decrease

Georgia - 31% decrease

Foreclosure filings—which includes default notices, scheduled auctions, and bank repossessions—increased 1 percent in August compared to July, but were still down 15 percent from last year's levels. Also, bank repossessions decreased in August by 2 percent compared to the previous month, marking the 22nd month for declines, RealtyTrac reported. 

Source: RealtyTrac

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