Foreclosure Filings Drop 2%; Starts Hit Eight-Year Low
(NEW YORK) — Foreclosure activity in the U.S. dropped 2 percent in August, marking the 35th consecutive month in which the figure has fallen on an annual basis, the latest report from RealtyTrac shows.
The foreclosure tracking firm says 128,560 properties received a foreclosure filing last month, a decrease of 34 percent from August 2012.
RealtyTrac attributes the drop mostly to a smaller number of foreclosure starts in August.
“A total of 55,775 U.S. properties started the foreclosure process during the month, down 44 percent from a year ago to the lowest level since December 2005,” the report states.
But one figure was up last month: Bank repossessions.
“That actually I believe is a function of the recovering market. The banks now feel more comfortable foreclosing because home prices are higher. They know when they foreclose, that they can actually recoup more of their losses now than they would have even a year ago,” RealtyTrac Vice President Daren Blomquist explains to ABC News Radio.
Foreclosure completions rose 6 percent in August and were up in 26 states.
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