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Foreclosure Starts Seek New Floor

Friday, September 18, 2015

Foreclosure activity in the U.S. declined on a year-over-year basis for the first time in six months.  RealtyTrac said today that there were a total of 109,561 foreclosure filings (default notices, scheduled auctions and bank repossessions or completed foreclosures) nationwide in August.  This was a -12 percent change from July and -6 percent from August 2014 and followed five consecutive months in which foreclosure filings exceeded those of a year earlier.  The filing rate equated to one in every 1,205 U.S. households.

The decrease in filings came mainly at the front end of the foreclosure process with foreclosure starts falling to their lowest level since almost three years before the more or less official start of the housing crisis. The 45,072 starts in August was a 1 percent reduction from the July number and 19 percent below a year earlier. 

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