RealtyTrac Reports August 2009 Foreclosure Trends

RealtyTrac Reports August 2009 Foreclosure Trends

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If you’re looking for a silver lining in the current housing market, then you’ll have to get a telescope to find one. RealtyTrac, an online entity which tracks foreclosure trends, says that residential foreclosures for August 2009 dropped slightly compared to the previous month. However, the July 2009 figures were an all time high, tempering the “improvement” realized for the most recent month.

Slight Improvement Over July 2009

RealtyTrac reveals that foreclosure notices were off slightly from Julys record notifications. Still, August 2009 saw an 18% jump when compared to the previous year.

RealtyTrac reveals that foreclosure notices were off slightly from July's record notifications. Still, August 2009 saw an 18% jump when compared to the previous year.

More telling for last month’s figures is that foreclosure activity was up 18% year over year when compared to August 2008. RealtyTrac says that one in every 357 American housing units received a foreclosure notice last month.

“The August report demonstrates that there is still an ample supply of properties filling the foreclosure pipeline even while the outflow of bank-owned REO properties onto the resale market is being more carefully regulated,” said James J. Saccacio, chief executive officer of RealtyTrac. “After hitting a high for the year in July, REOs dropped 13 percent in August, but we also saw a record high number of properties either entering default or being scheduled for a public foreclosure auction for the first time.”

Six States, 60% Foreclosures

The leading state for foreclosure notices last month was Nevada where one in sixty-two homeowners received notification. Nevada actually improved over July 2009, but foreclosure activity was up by 53% when compared to August 2008. Florida, California and Arizona were among other states with a significant number of foreclosures. Indeed, just six states account for 60% of the national total including the four just mentioned as well as Michigan and Idaho.

Las Vegas easily owns the distinction of being the nation’s foreclosure capital, with one in fifty-three residential homeowners receiving a foreclosure notice last month. That rate was nearly 7 times the national average and is by far the highest rate for any metropolitan area in the US with at least 200,000 residents.

Despite the claims of some that the housing market is turning, the current signs are still troubling. Some analysts are expecting even worse bad news come 2011 when millions more mortgages will have their rates reset.

Source: RealtyTrac Inc.

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