Confusing signals, that’s what conflicting reports of a real estate market gaining momentum and one headed back into the doldrums are good for. According to RealtyTrac’s August forecolusure report, defaults in the US are on the rise again.
Without including all the technicalities that can account for such a rise, it should be significant enough to note default notices, auctions, and especially repossessions totaled 193,508 in August alone. The research firm documented that some 20 states reported increases in foreclosure related activities, Illinois being at the top of the national list. One in every 298 housing units there has some kind of foreclosure filing associated with it.
California and Florida also remained high on the list of state with the worst foreclosure rates. New Jersey, New York, Maryland, Illinois, and Pennsylvania were not far behind in the dubious category either. The heat map from RealtyTrac below shows the foreclosure picture state by state.