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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Foreclosure Filings Hold Steady in August

Foreclosure filings held relatively steady in August compared with July, a private group reported today, a rare piece of not-so-bad news for homeowners, as lenders stepped up efforts to work deals with in-trouble mortgage holders.

About 358,000 foreclosure-related filings were reported in August, RealtyTrac reported today. Though the number is up 18 percent compared with August 2008, it's about the same as in July of this year, down less than 1 percent.

Bank repossessions dropped 13 percent in August from July, indicating banks are more willing to work with homeowners behind on their mortgages.

But as unemployment heads toward 10 percent -- and may hang there for a while -- foreclosures will continue.

"The August report demonstrates that there is still an ample supply of properties filling the foreclosure pipeline," RealtyTrac chief executive James Saccacio said in a statement.

The number of foreclosures in the pipeline rose 3 percent.

Nevada remains the U.S.'s worst foreclosure state, as it has been for 32 consecutive months. The Las Vegas area was one of the most overbuilt in the country during the housing bubble. Even so, foreclosures in Nevada dropped 8 percent in August compared with July.

The rest of the foreclosure Top 10 include: Florida, California, Arizona, Michigan, Idaho, Utah, Colorado, Georgia and Illinois.

-- Frank Ahrens
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By Frank Ahrens  |  September 10, 2009; 11:45 AM ET
Categories:  The Ticker  | Tags: foreclosure  
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Comments

A little common sense would prevent foreclosures. It would also prevent loans. The credit card companies are banking on common crime and finding lots of new partners in crime down there in Washington. Plastic buys you a congressman and then you get screwed by tour own representatives. It's like a cancer and they are busy with health care and debating who will run the dead republic. Take it like a man and blame your wife. Chumps are plentiful.

Posted by: Dermitt | September 10, 2009 12:36 PM | Report abuse

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