Foreclosure Rate Shows Ongoing Struggle
Miami (
) -- The recession won't really be over until consumers' fears of losing their home begin to ease. At least for now, that hasn't happened.
More than 358,000 foreclosure filings were recorded in August, according to RealtyTrac, which means that one in 357 U.S. homes received a filing. While that number is relatively steady, falling less than 1% compared with July, it's up 18% from the same time last year.
Real Estate Buyers Are Back
The key issue, of course, is that while the stock market and retail sales might be leveling off, the unemployment rate continues to rise.
More than 138,000 households received a default notice in August, and another 144,113 received a notice scheduling the house for public auction.
Nevada continues to rank the state with the most foreclosures, with Florida in second and California third.
But at the very least things aren't getting much worse: RealtyTrac said bank repossessions declined 13% during the month from July.
Shares of homebuilders were in the red in early trading.
Lennar
(LEN) - Get Report
dropped 2% to $15.34,
KB Home
(KBH) - Get Report
slipped 0.4% to $18.47,
Toll Brothers
(TOL) - Get Report
fell 1% to $21.54 and
Pulte Homes
(PHM) - Get Report
was off 1% to $12.26.
-- Reported by Jeanine Poggi in New York
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