Last week ALEX VEIGA of the Associated Press reported that "Lenders took back more homes in August than in any month since the start of the U.S. mortgage crisis." This number contrasts the positive news that the number of foreclosures beginning the process are actually declining and have been declining for the past seven months. The number of default notices was down only 1% from July, but down 30% from August of last year.
Even with less loans entering the foreclosure process, this is the 9th consecutive month where the number of foreclosed homes was higher than the same month last year.
Here are the estimated numbers of national foreclosures:
August 2010: 95,364 foreclosures
July 2010: 92,503 foreclosures
August 2009: 71,523 foreclosures
For those looking to pick up a deal on a foreclosure, you can view all foreclosures for sale in Utah here. You can also search Utah HUD homes for sale here!
Local statistics can be more applicable in real estate than national statistics. In Utah, 1 in every 230 houses received a foreclosure filing in August. That's slightly worse than July when we had 1in 242 homes foreclosed. The national average is 1 in every 381 homes. Nevada, which had the highest foreclosure rate in August, saw 1 in every 84 households receiving a foreclosure notice.
Here are the top 10 states for highest number of Foreclosures:
1 - Nevada
2 - Florida
3 - Arizona
4 - California
5 - Idaho
6 - Utah
7 - Georgia
8 - Michigan
9 - Illinois
10 - Hawaii.
If you are afraid of foreclosure, or loan modification failure, contact me for other options. We may be able to get you $3,000 to short sale your home. Contact me for details and to see if you qualify.