Sep 19

Foreclosures Continue to Fall From Last Year’s Levels

Foreclosures Continue to Fall From Last Year’s Levels

Foreclosures Continue to Fall From Last Year's Levels

Foreclosures Continue to Fall From Last Year’s Levels

Foreclosures are down 13 percent from a year ago when they had reached a 17-month high, RealtyTrac reports. Foreclosures 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. Foreclosures increased 1 percent in August from July but remain well-below year ago levels.

Several states saw large decreases in foreclosures 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.

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