Foreclosures Rise: Is the Housing Crisis Really Over?

NEW YORK (MainStreet) -- Six years later, the effects of the housing bust are still being felt. RealtyTrac reports foreclosure filings in August were up 7% from the previous month. While down 9% from a year ago, it is the smallest monthly year-over-year decline in the last 47 consecutive months. Filings include default notices, scheduled auctions and bank repossessions.

Read More: Don't Count on Buying a Foreclosure Cheap

Auctions alone were up slightly -- just 1% -- but that uptick marks the first annual increase in 44 months. Nearly half of the states in the nation saw an increase in auctions, led by Colorado (up 160%), Oregon (up 117%), Connecticut (up 81%), New York (up 81%), Oklahoma (up 72%), New Jersey (up 71%), Illinois (up 25%), South Carolina (up 21%) and Maryland (up 17%).

Analysts say it's not a matter of another housing bust, but the mopping up of The Big One.

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