Irvine, CA, Sept. 12, 2013 -- Foreclosure starts in August fell to the lowest level for any month since December 2005, according to tracking firm RealtyTrac.
A total of 55,775 homes entered the foreclosure process last month, a decline of 8% from July and down 44% from August last year. Starts decreased in 38 states from a year ago.
RealtyTrac expects monthly foreclosure starts to fall to around 52,000 a month early next year, which is considered to be a normal pace.
However, bank repossessions in August rose 6% from the previous month but were down 25% from a year ago.
“The foreclosure floodwaters have receded in most parts of the country, but lenders and communities continue to clean up the damage left behind, which means the recent uptick in bank repossessions is a trend that will likely continue into next year,” said Daren Blomquist, vice president at RealtyTrac.