Foreclosures Inched Up in July, but Still Down From 2013
August 14 - In July, foreclosure filings increased by 2 percent over June, according to RealtyTrac. Such filings included default notices, scheduled auctions and bank repossessions on 109,434 U.S. properties; although it was an increase from the previous month, the figure represented a 16 percent decrease from a year ago, said RealtyTrac.
July was the 46th consecutive month where U.S. foreclosure activity was down on a year-over-year basis. After nearly four years of falling foreclosures, there is evidence that foreclosure numbers are normalizing at the national level.
Other findings from the report include:
- A total of 49,624 U.S. properties started the foreclosure process for the first time in July, a 5 percent increase from the previous month, but still down 18 percent from a year ago — the 24th consecutive month with a year-over-year decrease in U.S. foreclosure starts.
- Despite the annual decrease nationally, foreclosure starts increased from a year ago in 14 states, including Nevada (up 128 percent), Texas (up 29 percent), New York (up 17 percent), Massachusetts (up 12 percent), and Michigan (up 6 percent).
- A total of 51,595 U.S. properties were scheduled for foreclosure auction in July, up 10 percent from the previous month but still down 3 percent from a year ago. Non-judicial foreclosure auctions — those in states not requiring a judge to file a judgment for the foreclosure auction to proceed — increased 26 percent from June to July, but were still down 7 percent on a year-over-year basis.
- Despite the annual decrease nationally, scheduled foreclosure auctions increased from a year ago in 20 states, including New Jersey (up 105 percent), Oregon (up 50 percent), Louisiana (up 32 percent), Utah (up 30 percent), Connecticut (up 18 percent), and New York (up 16 percent).
- A total of 25,937 U.S. properties were repossessed by lenders via foreclosure (REO) in July, down 4 percent from the previous month and down 30 percent from a year ago to the lowest level since April 2007.
- Despite the decrease nationally, bank repossessions increased from a year ago in seven states, including Maryland (up 77 percent), California (up 22 percent), Oregon (up 13 percent), and New Jersey (up 12 percent).