Foreclosures Rise; Repossessions Set Record

Joseph Pisani
CNBC
September 16, 2020

• A d v e r t i s e m e n t

US foreclosure activity rose in August from the previous month, and banks and lenders took ownership from homeowners at a record pace, according to a new report released Thursday.

Bank repossessions, often the final step in the foreclosure process after a home fails to sell at auction, increased about 2 percent from the month before to 95,364, a record high. At the same the number of properties that received default notices—the first step in the foreclosure process—decreased 1 percent from a month ago and fell 30 percent from a year ago, a sign that lenders are focusing on their backlog of foreclosure inventory before tackling new distressed loans, according to foreclosure listing website RealtyTrac, which released the report.

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Overall, foreclosure fillings rose 4.18 percent in August from the previous month, and were down 5.48 percent from a year ago. In all, 338,836 properties were in the foreclosure process. One in 381 U.S. households received a foreclosure notice in August. (Foreclosure notices are defined as a default notice, auction sale notice or bank repossession.)

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This article was posted: Thursday, September 16, 2010 at 7:25 am

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