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Foreclosures down slightly in August, but remain highThe August 2009 U.S. Foreclosure Market Report from RealtyTrac finds that foreclosure filings fell less than 1 percent last month to 358,471 properties. While the filings - which includes default notices, scheduled auctions and bank repossessions - took a dip for the month, foreclosures are still up more than 17 percent over the same time last year, with RealtyTrac noting that one out of every 357 properties received a foreclosure filing last month. Although they say their rates drop slightly in the last month, Arizona, California, Florida and Nevada continue to lead the nation in foreclosures, although Arizona's drop allowed it to fall from third on last month's list to fourth in August. But seeing the largest jump on this month's list was Michigan which jumped from the 19th most foreclosure filings in July to the fifth most in August. RealtyTrac says a new law that requires a public notice of default to be filed prior to a foreclosure auction contributed to the 134 percent increase last month with 19,359 properties receiving foreclosure filings. Although North Carolina, which ranks 29th on RealtyTrac's report, doesn't have the same problems as many other states a new law in the state may help many residents put off, or stop foreclosure in the future. The Consumer Economic Protection Act Of 2009, which was signed into law this week, is aimed at helping homeowners in the state come up with a plan and work with lenders to stop foreclosure. When the law goes into effect next month, it will allow the clerk of the court to continue a a foreclosure hearing for up to 60 days.
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