Foreclosures up 16% in California
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According to ForeclosureRadar, notice of default filings in California rose for the fourth-straight month in August, climbing another 16.6%. The firm has been tracking foreclosure rates in California since March 2007, and will now offer data for Arizona, Nevada, Oregon and Washington after tracking those states for a year. Executives expect the added search capabilities to allow readers "to dynamically drill down to the state, county, city and zip code level of their choice." Foreclosures fell 12.2% in Arizona last month after rising 28.8% in July, but are down 20.3% from a year earlier. Banks took back more properties at auction than they resold in August in Arizona, pushing the inventory of REO homes up 4.79% from July, and 60.48% from a year ago.
In California, foreclosures are down 16.3% from a year earlier, and fewer homeowners found foreclosure relief as cancellations fell 11.2% and 15.6% more homes were lost in foreclosure sales. The number of foreclosures in Nevada in August was 6,682, down 41.8% from the year ago and 7.5% below 7,223 in July. In the Northwest, foreclosures in Oregon rose 10.7% in August from the month earlier and are up 12.5% from last year. Washington saw a 15.8% decline in the monthly rate but the August level of 3,598 foreclosures is 82% higher than a year earlier.
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