Foreclosure Activity Increases in August

Foreclosure Activity Increases 4 Percent in August

I was reading this in the CRS MemberConnect News and though you may be interested to read as well.
I only hope that the Kansas City Metropolitan Real Estate Market isn’t that bad.
Foreclosure Filings, Bank Repossessions Rise
Foreclosure filings, including default notices, scheduled auctions and bank repossessions, were reported on 338,836 U.S. properties in August, up 4 percent from July but down 5 percent from August 2009, RealtyTrac reports. One in every 381 U.S. housing units received a foreclosure filing in August, although just five states accounted for more than 50 percent of the national foreclosure total β€” California, Florida, Michigan, Illinois and Arizona.

Bank repossessions hit an all-time high in August of 95,364 properties, approximately 2 percent higher than the previous peak of 93,777 repossessions recorded in May 2010. Overall repossessions were 25 percent higher than a year ago.

RealtyTrac CEO James J. Saccacio says, β€œThe dammed-up inventory of properties already in foreclosure is moving to REO in steady stream rather than a flood β€” presumably to prevent further erosion of home prices.” Thu, Sep 16, 2010

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