Foreclosure Filings Rise In August
Homeowners continue to struggle with their mortgage payments, as evidenced by the latest foreclosure report. The most recent figures show foreclosure filings - including default notices, bank repossessions and scheduled auctions - increased in August by 4 percent, according to real estate group RealtyTrac.
Data shows that 338,836 properties received a foreclosure filing last month, which breaks down to one in every 381 U.S. households. Despite the increase from July's statistics, the foreclosure rate recorded in August 2010 is a 5 percent decrease from the rate seen in August 2009. Five states alone account for more than 50 percent of the national foreclosure rate, with California carrying 20 percent of the national total.
"The trend lines of decreasing default notices and increasing bank repossessions converged in August, with virtually the same number of new default notices and bank repossessions for the month - a clear indication that the clogged foreclosure pipeline is being carefully managed on both ends by lenders and servicers," said RealtyTrac CEO James Saccacio.
The government continues to push lenders to help homeowners apply for federal debt relief programs aimed at lowering their mortgage payments or reducing their mortgage debt through short sales.
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