Nearly 102,000 homeowners lost their properties to foreclosure in August, up nearly 6 percent from July and more than 80 percent higher than in August 2007, according to data released Monday by Foreclosures.com, a provider of foreclosure information.
So far this year, lenders have repossessed a record 656,545 properties nationwide — or 8.6 of every 1,000 households in the United States — and remain on track to repossess more than 1 million nationwide by year-end, Foreclosures.com reported.
Year-to-date, 1.45 million homeowners (19.6 of every 1,000 households) faced pre-foreclosure actions by lenders, almost double the number a year ago. Foreclosures.com’s analysis of pre-foreclosure and foreclosure proceedings nationwide is based on the number of formal notices filed against a property during the foreclosure process. That can include notice of default, notice of foreclosure auction, and/or notice of REO (lender-owned real estate that occurs after a foreclosed property fails to sell at auction and reverts back to the lender). All pre-foreclosure filings do not end up in foreclosure.
There is some good news: Pre-foreclosure actions by lenders slowed slightly from July and more than half of the pre-foreclosure as well as REO activities can be attributed to three states: Arizona, California and Florida, said Alexis McGee, president of Foreclosures.com.
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