LOS ANGELES (AP) — Foreclosure listing firm RealtyTrac says fewer homes were placed on the foreclosure track last month than in August last year, when they hit a 17-year high, but the numbers are diverging along state lines.
So-called foreclosure starts actually increased in states like Florida and New York, where the courts must sign off on foreclosures.
In many non-judicial states, such as California and Arizona, the number of foreclosure starts declined versus August last year, because those states didn't have a big backlog of action.
Some states have passed laws that effectively slow down the process.
Experts say the pace of homes entering the foreclosure process is expected to decline gradually, barring another severe economic shock.
RealtyTrac says 99,405 homes entered the foreclosure process in August, up 1 percent from July, but down 13 percent from August last year.
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%@AP Links
326-a-13-(Daren Blomquist (BLOOM'-kwihst), spokesman, RealtyTrac, in AP interview)-"into foreclosure now"-RealtyTrac's Daren Blomquist says the current level of foreclosure activity does not mean more homeowners are defaulting on mortgage loans. (12 Sep 2012)
<<CUT *326 (09/12/12)>> 00:13 "into foreclosure now"
325-a-14-(Daren Blomquist (BLOOM'-kwihst), spokesman, RealtyTrac, in AP interview)-"the right direction"-RealtyTrac's Daren Blomquist says the August foreclosure data show progress toward the end of the foreclosure crisis. (12 Sep 2012)
<<CUT *325 (09/12/12)>> 00:14 "the right direction"
327-a-12-(Daren Blomquist (BLOOM'-kwihst), spokesman, RealtyTrac, in AP interview)-"go into foreclosure"-RealtyTrac's Daren Blomquist says even though fewer homeowners are behind in mortgage payments now, many are still at risk of foreclosure. (12 Sep 2012)
<<CUT *327 (09/12/12)>> 00:12 "go into foreclosure"
323-w-36-(David Melendy, AP correspondent, with Daren Blomquist, spokesman, RealtyTrac)--RealtyTrac's mortgage foreclosure data for August show progress. The AP's David Melendy reports. (12 Sep 2012)
<<CUT *323 (09/12/12)>> 00:36
324-a-14-(Daren Blomquist (BLOOM'-kwihst), spokesman, RealtyTrac, in AP interview)-"a year-over-year basis"-RealtyTrac's Daren Blomquist says U.S. foreclosure activity in August increased one percent from the previous month, but was lower from the longer term perspective. ((longer version of cut in wrap)) (12 Sep 2012)
<<CUT *324 (09/12/12)>> 00:14 "a year-over-year basis"
