Foreclosure activity fell for the 11th straight month on a yearly basis in August, but rose compared to July, according to the latest monthly report from foreclosure data site RealtyTrac.
A total of 228,098 properties nationwide received foreclosure filings (including default notices, auction sale notices or bank repossessions) last month, down nearly 33 percent from August 2010, but up 7 percent from July, the report said. The nation’s foreclosure activity rate was 1 in 570 housing units in August.
The increase in foreclosure activity was driven by a 33 percent jump in default notices — the biggest monthly increase since August 2007, the report said. Such notices rose to a nine-month high of 78,880 in August, though they remained 18 percent below year-ago levels.
At least three states saw particularly high monthly increases in default notices: New Jersey (42 percent), Indiana (46 percent), and California (55 percent).
"The big increase in new foreclosure actions may be a signal that lenders are starting to push through some of the foreclosures delayed by robo-signing and other documentation problems," said James Saccacio, RealtyTrac’s CEO, in a statement.
"It also foreshadows more bank repossessions in the coming months as these new foreclosures make their way through the process."
Scheduled auctions and bank repossessions fell both month to month and year over year in August. Scheduled auctions hit a 37-month low last month at 84,405 properties nationwide, the report said. Auctions fell 1 percent and 43 percent on a monthly and yearly basis, respectively.
Bank repossessions (REOs) fell 4 percent month to month and 32 percent year over year in August, to 64,813 properties — a six-month low.
Nevada had the nation’s highest foreclosure rate in August, with 1 in 118 units receiving a foreclosure filing — a total of 9,677 properties. That’s a decrease of 3 percent from July and 28 percent from August 2010.
On a monthly basis, the state saw scheduled auctions drop 30 percent and REOs drop 6 percent, though default notices rose 31 percent.
California and Arizona had the second- and third-highest foreclosure rates among the states, with 1 in 226 units and 1 in 248 units, respectively, receiving a filing.
Properties in California accounted for more than a quarter of all U.S. properties to receive a foreclosure filing. The state had 59,383 properties with foreclosure filings — the highest total among all states, even though that number declined 14 percent compared to August 2010.
A total of 23,569 properties in Florida received a foreclosure filing in August, a 59 percent drop from the same month a year ago.
Michigan had the third-highest state total, with 13,016 properties receiving a foreclosure filing in August. Foreclosure activity in the state fell nearly 27 percent compared to August 2010.
10 states with the highest foreclosure activity rates in the nation in August 2011
|Rank||State||Foreclosure activity rate||% change foreclosure activity from August 2010|
|1||Nevada||1 in 118 housing units||-27.7%|
|2||California||1 in 226 units||-14.1%|
|3||Arizona||1 in 248 units||-32.9%|
|4||Georgia||1 in 346 units||-28.3%|
|5||Idaho||1 in 348 units||-36.2%|
|6||Michigan||1 in 349 units||-26.7%|
|7||Florida||1 in 376 units||-58.6%|
|8||Illinois||1 in 424 units||-25.7%|
|9||Colorado||1 in 439 units||-15.7%|
|10||Utah||1 in 450 units||-48.3%|
Among the 10 metropolitan areas with populations of 200,000 or more with the highest foreclosure activity rates in August, all saw default notices surge month to month, nine of them by double-digit percentages. Las Vegas had the highest foreclosure activity rate in the nation with 1 in 103 units receiving a foreclosure filing.
10 metros with the highest foreclosure activity rates in the nation in August 2011
|Rank||Metro||% change default notices from July 2011|
|5||Riverside-San Bernardino, Calif.||59%|