Foreclosures Rise; Bank Repos at New High
NEW YORK (TheStreet) -- Foreclosures rose at an elevated rate for the second month in a row, according to RealtyTrac, with one in every 381 U.S. homes receiving a foreclosure filing.
Bank repossessions reached yet another high, as mortgage servicers have begun to grapple with troubled borrowers who can't find solutions through the government or the private industry.
Last month included "virtually the same number of new default notices and bank repossessions for the month -- a clear indication that the clogged foreclosure pipeline is being carefully managed on both ends by lenders and servicers," said James J. Saccacio, RealtyTrac's CEO.
In August, 338,836 properties received foreclosure filings, with more than 5 million homes receiving notices since the government implemented a mortgage-rescue program last spring. Lenders completed foreclosure proceedings on 95,364 properties in August, the highest monthly total that RealtyTrac ever has calculated.Nevada, which has the highest proportion of underwater borrowers, once again topped the list, with one in every 84 households receiving foreclosure filings. While Nevada's foreclosure filings have been declining on an annual basis for nearly a year, its rate of foreclosure is still 4.5 times the national average. Florida ranked No. 2 in the list of most-foreclosed-upon states, with one out of 155 houses receiving filings, while Arizona came in at No. 3, with one in 165 houses getting a notice. Just five states -- including California and Idaho -- account for the majority of foreclosure listings in the country. States that have been faring the best in terms of foreclosure filings are Vermont, with one in 18,389 houses receiving a notice; West Virginia with one in 6,980; North Dakota with one in 5,402; Wyoming with one in 2,621; and Maine, with one in 2,585. --Written by Lauren Tara LaCapra in New York.
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