U.S. foreclosure activity decreases less than 1 percent from record high in July with activity up 18 percent from August 2008 despite year-over-year drop in REOs.
Foreclosure filings were reported on a total of 358,471 properties during the month – a decrease of less than 1% from July’s revised total and an increase of 18% from August 2008.
The national foreclosure rate stood at one foreclosure filing for every 357 U.S. households in August, according to the foreclosure tracking company.
RealtyTrac considers default notices, auction sale notices and bank repossessions as foreclosure filings.
“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.”
Nevada once more reported the nation’s highest foreclosure rate with one foreclosure filing for every 62 households.
In August, Nevada’s reported foreclosure filings were down 8% from the previous month.
Florida fell into the second worst ranking with one foreclosure filing for every 140 households in August.
California ranked third with one foreclosure filing for every 144 households.
With 92,326 total foreclosure filings, California reported the most filings in the nation.
The Top Ten Foreclosure Rates: