Industry News

National foreclosures up 24%

Increase could mark beginning of upward trend

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Property foreclosures nationwide increased 24 percent in August from the previous month and 53 percent from a year ago, marking the highest rate so far this year, a foreclosure service reported today. A total of 115,292 properties entered some stage of foreclosure during the month, according to a report from RealtyTrac. The report also shows a national foreclosure rate of one new foreclosure filing for every 1,003 U.S. households, the second-highest monthly foreclosure rate reported year to date. This report is much bleaker than numbers reported by the Mortgage Bankers Association today. In a survey of more than 42.5 million loans nationwide, homeowners appeared to be keeping up with their mortgage payments. According to MBA's survey, foreclosures nationwide are stable. The percentage of home loans in the process of foreclosure nationwide at the end the second quarter was 0.99 percent, up 1 basis point from the last quarter, but down 1 basis point from the same quarter last year. Rea...