Industry NewsMarkets & Economy

Foreclosure activity rises 4% in August

Bank repossessions hit record high
Published on Sep 16, 2010

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by CareyBot

The number of homes that received foreclosure filings -- default notices, scheduled auctions, and bank repossessions -- rose 4 percent in August from the month before, according to a monthly report by foreclosure data site RealtyTrac.

For the 18th straight month, foreclosure activity exceeded 300,000 properties: 338,836. Despite the month-to-month increase, foreclosure activity fell 5 percent compared to August 2009.

Of the three types of foreclosure filings, only notices of default decreased on either a month-to-month or year-over-year level. At 96,469, default notices fell 1 percent from July and 30 percent from August 2009. August was the seventh month in a row to see notices drop year-over-year. They peaked in April 2009 at 142,064, the report said.

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