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.
>To contact the writer of this article, click here: Lauren Tara LaCapra. >To follow the writer on Twitter, go to http://twitter.com/laurenlacapra. >To submit a news tip, send an email to: email@example.com.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV