Foreclosure starts are down 13 percent from a year ago when they had reached a 17-month high, RealtyTrac reports. Foreclosure starts include default notices or scheduled foreclosure auctions.
Many experts had been predicting a foreclosure wave to occur this summer with foreclosuresreaching elevated levels. But the “wave” has yet to materialize. Foreclosure starts increased 1 percent in August from July but remain well-below year ago levels.
Several states saw large decreases in foreclosure starts in August:
Oregon – 89% decrease
Nevada – 64% decrease
Utah– 57% decrease
Massachusetts – 47% decrease
California – 42% decrease
Arizona – 41% decrease
Georgia – 31% decrease
Foreclosure filings—which includes default notices, scheduled auctions, and bank repossessions—increased 1 percent in August compared to July, but were still down 15 percent from last year’s levels. Also, bank repossessions decreased in August by 2 percent compared to the previous month, marking the 22nd month for declines, RealtyTrac reported.