RealtyTrac produced more evidence that the housing market is in an impressive recovery. Unfortunately, the trend has left several states behind.
In a statement:
RealtyTrac released its U.S. Foreclosure Market Report for August 2013, which shows foreclosure filings -- default notices, scheduled auctions and bank repossessions -- were reported on 128,560 U.S. properties in August, a decrease of 2 percent from the previous month and down 34 percent from August 2012 -- the 35th consecutive month where foreclosure activity has decreased on an annual basis. The report also shows one in every 1,019 U.S. housing units with a foreclosure filing during the month.
The decrease in overall foreclosure activity was driven largely by falling foreclosure starts in August. A total of 55,775 U.S. properties started the foreclosure process during the month, down 44 percent from a year ago to the lowest level since December 2005.
Foreclosure starts did increase from the previous month in 17 states, including Nevada (up 226 percent), Ohio (up 44 percent), Maryland (up 24 percent), California (up 12 percent), and New York (up 8 percent).
The states most damaged by the collapse in the housing bubble continued to struggle:
Nevada’s foreclosure rate ranked highest nationwide, supplanting Florida at the No. 1 spot. Florida’s foreclosure rate fell to second highest, followed by Ohio, Maryland and Delaware.
Florida cities accounted for six of the 10 highest metropolitan foreclosure rates, down from nine of the top 10 in the previous month. Also in the top 10 metro foreclosure rates were Las Vegas and three Ohio cities: Toledo, Cleveland and Akron.
At these rates, it will take some markets years to recover, if they ever do, entirely.