Irvine, CA, Sept. 12, 2008--August foreclosure filings increased 27 percent compared to the same month a year ago, a much slower pace than in previous months, according to RealtyTrac Inc.
Nationwide, 303,800 homes received at least one foreclosure-related notice in August, up 12 percent from July. That means one in every 416 U.S. households received a foreclosure filing last month.
August's increase, however, was smaller than the two prior months. June and July both had year-over year increases in foreclosure filings of 50 percent or more. However, the total number of foreclosure filings is still the highest since RealtyTrac began issuing its report in January 2005.
RealtyTrac monitors default notices, auction sale notices and bank repossessions. More than 90,893 properties were repossessed by lenders nationwide last month -- up more than half from 43,141 in August 2007.
The top three states in foreclosure rates were Nevada, California and Arizona.
Many homeowners can't find buyers or owe more than their home is worth and can't refinance into an affordable loan.
Banks and mortgage investors are also holding a glut of foreclosed properties and are slashing prices to get them off the books.
James J. Saccacio, chief executive officer of RealtyTrac, said the lower percentage increase last month is due to a big spike in activity in August 2007. Last month, default activity was up 10 percent from a year ago and auction activity up 7 percent year-over-year, Saccacio said.
"The increases in default and auction activity could be slowing down partly as the result of new legislation passed in several states that is designed to give homeowners in distress more time before foreclosure proceedings are initiated," Saccacio said.
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Texas Invista Plants Closing for Ike
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| Houston, TX, Sept. 12, 2008--Koch Industries subsidiary Invista has begun to shut down temporarily three of its plants in south Texas because of hurricane Ike and told those employees not to report for work today.
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One Measure of Consumer Confidence Spikes Higher
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| New York, NY, Sept. 12, 2008--Consumer confidence has improved heading into fall, due partly to dips in gas prices and excitement over the presidential race, according to the Royal Bank of Canada Consumer Attitudes and Spending by Household Index.
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Zebra Rugs at Penney Being Recalled
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| Washington, DC, Sept. 12, 2008--About 2,000 JLA Home zebra rugs sold at JC Penney stores are being recalled because they do not meet the federal flammability standard for small rugs and do not have the required flammability warning label. |
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Imports, Exports Set Records as Deficit Swells
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| Washington, DC, Sept. 11, 2008--The U.S. trade deficit rose in July to the highest level in 16 months as oil imports hit an all-time high, offsetting strong export growth. The deficit with China climbed to the second highest level on record. |
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Jobless Claims Higher Than Expected
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| Washington, DC, Sept. 11, 2008-- Initial jobless claims for unemployment insurance were higher than expected last week, while total benefit rolls rose to the highest level in almost five years, according to the Labor Department. |
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CFOs More Upbeat About Economy
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| Durham, NC, Sept. 10, 2008--Chief financial officers are more optimistic about the direction of the U.S. economy, but remain concerned about consumer demand and weak credit markets, according to a quarterly survey by Duke University/CFO Magazine . |
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British Builder Offers Unusual Incentive
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| London, England, Sept. 10, 2008--Barratt Developments PLC, Britain's second-biggest house builder by volume, said that full-year profits fell by 71 percent as the credit crunch depressed sales in the second half. |
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