Foreclosure starts are down 13 percent from a year ago when they had reached a 17-month high, RealtyTrac reports. Foreclosure starts include default notices or scheduled foreclosure auctions.
Many experts had been predicting a foreclosure wave to occur this summer with foreclosures reaching elevated levels. But the “wave” has yet to materialize. Foreclosure starts increased 1 percent in August from July but remain well-below year ago levels.
Several states saw large decreases in foreclosure starts in August:
Oregon - 89% decrease Nevada - 64% decrease Utah- 57% decrease Massachusetts - 47% decrease California - 42% decrease Arizona - 41% decrease Georgia - 31% decrease
Foreclosure filings—which include default notices, scheduled auctions, and bank repossessions—increased 1 percent in August compared to July, but were still down 15 percent from last year's levels. Also, bank repossessions decreased in August by 2 percent compared to the previous month, marking the 22nd month for declines, RealtyTrac reported.
Source: RealtyTrac September 18, 2012