National foreclosure activity declines on yearly basis for 11th straight month

Foreclosures were down on a yearly basis for the 11th straight month in August.According to RealtyTrac's U.S. Foreclosure Market Report for August, the nation's total foreclosure activity continued to decline on a yearly basis, despite higher monthly volumes.In all, 228,098 properties received foreclosure filings during August, which is up 7 percent from July, but down 33 percent from the year before. Overall, one in every 570 housing units became distressed during the month.Default notices grew 33 percent from July, reaching a nine-month high of 78,880. Foreclosure auctions and bank repossessions declined, however, falling 1 and 4 percent between July and August, respectively.”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, chief executive officer of RealtyTrac. “It also foreshadows more bank repossessions in the coming months as these new foreclosures make their way through the process.”In Texas, 10,148 homes received a foreclosure filing during the month, representing one in every 958 properties. While data has not yet been released for August, 13.5 percent more homes in the Houston real estate market became distressed in July than the previous year, the Houston Association of Realtors reported.Courtesy of 2M Realty News

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