RealtyTrac Sees Foreclosure Filings Linger Near Record High
Foreclosure filings eased slightly in August from a month earlier but remain significantly higher than year-ago levels despite lower levels of real estate-owned (REO) properties, according to foreclosure data provider RealtyTrac. Total filings including default notices, scheduled auctions and bank repossessions 0.5% since July to 358,471 US properties in August. The volume of filings came in 18% higher than the same month last year, with a foreclosure filing received on one in every 357 US housing units in August. “The August report demonstrates that there is still an ample supply of properties filling the foreclosure pipeline even while the outflow of bank-owned REO properties onto the resale market is being more carefully regulated,” said James Saccacio, chief executive officer of RealtyTrac. “After hitting a high for the year in July," Saccacio added, "REOs dropped 13% 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.” Nevada posted the highest foreclosure rate with one in every 62 units receiving a filing in the month. Florida followed with one in every 140 units receiving a filing and California trailed in a close third with one in every 144 units receiving a filing. Vermont claimed the lowest rate with only 33 units -- one in every 9,437 -- receiving a filing. North Dakota followed with filings received on 33 -- one in every 9,411 -- units. West Virginia rounded out the bottom three state foreclosure rates with 143 housing units -- or one in every 6,173 -- receiving a filing in the month. Write to Diana Golobay.