Six States Account for 60% of National Total Foreclosure Activity
Six states, including including California, Florida, Michigan, Nevada, Illiniois, and Arizona accounted for 62% of the nation’s total foreclosure activity in August despite decreasing REOs in all six states, according to the August 2009 U.S. Foreclosure Market Report from RealtyTrac.
California REOs dropped 32% from July, but the state continued to post the highest overall total of any state, with 92,326 properties receiving a foreclosure filing in August. A total of 62,401 Florida properties received filings in August, up more than 10% from July with a 5% decrease in REO filings.
A new law in Michigan requiring lenders to file a separate public notice of default before scheduling a foreclosure auction boosted overall foreclosure activity numbers in the state for August.
A total of 9,789 of the new default notices were filed after the law took effect in early August, bringing the total number of Michigan properties receiving foreclosure filings to 19,359 for August. Michigan’s foreclosure rate leapfrogged from 19th highest in July to fifth highest in August.
Article via Managing REO.
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