Foreclosures Nudge up August over July

CNNMoney reports foreclosure filings increased one percent in August over July as lenders slogged through a backlog of delinquencies and defaults. Scheduled auctions, default notices and bank repossessions were filed on 193,508 properties in August. Despite the increase, filings fell 15 percent from a year earlier. Foreclosures are rising in states where the process must go through court proceedings (judicial states), such as New Jersey, New York and Maryland, but falling in non-judicial states where they are handled by a trustee—Nevada, California, Arizona and the District of Columbia. The $25 billion foreclosure abuse settlement in April has contributed to the rise in foreclosure activity, as it sets out a definite path to follow when going through the process, as MHProNews has learned.

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