Foreclosure filings were reported last month on 193,508 U.S. properties – an increase of 1% from July but a 15% decline from August 2011, according to new data released by Irvine, Calif.-based RealtyTrac.
According to RealtyTrac, one in every 681 U.S. housing units had a foreclosure filing last month. Illinois posted the nation's highest foreclosure rate during August, with a foreclosure filing on one in every 298 housing units. This was the first month that Illinois has ranked No. 1 since RealtyTrac began issuing its report in January 2005.
Modesto, Calif., posted the nation's highest metro foreclosure rate, with one in every 172 housing units with a foreclosure filing in August – nearly four times the national average.
Foreclosure starts were filed for the first time on 99,405 properties in August, a 1% increase from July and a 13% drop from August 2011, when foreclosure starts hit a 17-month high. Lenders completed the foreclosure process on 52,380 properties in August, a 2% decline from the previous month and a 19% decrease from August 2011.
Bank repossessions in August decreased 2% from the previous month and were down 19% year-over-year. August marked the 22nd consecutive month with a year-over-year decline in bank repossessions.
Twenty states registered year-over-year increases in foreclosure activity, led by judicial foreclosure states such as New Jersey, New York, Maryland, Illinois and Pennsylvania. Foreclosure starts increased annually in 18 states, including Washington (143%), Pennsylvania (129%), Alabama (102%), New Jersey (101%) and New York (63%).
States with some of the biggest annual decreases in foreclosure starts included Oregon (89%), Nevada (64%), Utah (57%), Massachusetts (47%), California (42%), Arizona (41%) and Georgia (31%).