The Real Deal Miami

Foreclosure filings increase again

September 10, 2009 09:01AM

Foreclosure filings rose again in August, topping 300,000 for the sixth
straight month, according to data from RealtyTrac. Florida, where one in every 140 households received a foreclosure filing, recorded the second-highest rate in the country. A total of 358,471
properties nationwide received default or auction notices or were
seized over the course of the month, an 18 percent increase
year-over-year. But foreclosure filings dropped 0.5 percent from July,
according to the data. Increasing unemployment is still the greatest
driver of foreclosures, despite government and bank efforts to modify
mortgages, said Morris Davis, an assistant real estate professor at the
Wisconsin School of Business. Nevada had the highest foreclosure rate
in August, with one in every 62 households receiving a filing compared
to one in every 357 households nationwide. New York, meanwhile, fared better than the rest of the nation. With just 5,350 fillings, it had the 39th highest foreclosure rate in the U.S.