According to the data released by RealtyTrac, the leading online marketplace of foreclosure properties, foreclosure filings in August rose 7% from the prior month with 228,098 properties issued notices of default, auction or repossession during the month. However, this is still down 33% from August 2010 figures.
As per the source, a total of 5 states – California, Florida, Michigan, Illinois and Georgia – accounted for about 53% of the overall foreclosure activity in the month under review.
Though there was surge in new defaults, the number of property auctions and repossessions by banks continued to decline in August. Issuance of default notice, the first step in the foreclosure process, surged 33% sequentially but dropped 18% year over year to 78,880. This is the largest sequential rise since August 2007.
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