Foreclosure starts increased 7% in August compared with July but were down 15% compared with August 2018, according to ATOMM Data Solutions.
The firm’s monthly foreclosure report shows that lenders started the foreclosure process for the first time on 27,886 properties in August.
States that saw the biggest year-over-year increases in foreclosure starts included Georgia (up 43%), Louisiana (up 41%), Michigan (up 18%), Hawaii (up 13%) and Ohio (up 9%).
Cities that saw the biggest increases included Cleveland (up 55%), Atlanta (up 50%), Detroit (up 18%), Dallas-Fort Worth (up 5%) and Cincinnati (up 2%).
Bank repossessions also increased in August compared with July but were down annually.
Lenders repossessed 11,493 U.S. properties in August, an increase of 4% compared with the previous month but down 47% compared with a year earlier.
August marked the 10th consecutive month that bank repossessions fell on a year-over-year basis.
The state of Hawaii (up 8%) was the only state to experience an annual increase in completed foreclosures in August.
Cities that saw the largest year-over-year increases in REOs in August included Beaumont, Texas (up 81%); Honolulu (up 27%); Port St. Lucie, Fla. (up 27%); Salisbury, Md. (up 19%); and Des Moines, Iowa (up 6%).
When looking at all foreclosure activity – including default notices, scheduled auctions and bank repossessions – a total of 53,007 U.S. properties saw a foreclosure filing during the month.
That’s up 4% compared with July but down 24% from August 2018.
States with the highest foreclosure rates in August included Delaware (one in every 1,106 housing units), New Jersey (one in every 1,192 housing units), Maryland (one in every 1,218 housing units), Illinois (one in every 1,562 housing units) and Florida (one in every 1,633 housing units).
Cities with the highest foreclosure rates included Trenton, N.J. (one in every 543 housing units); Atlantic City, N.J. (one in every 794 housing units); Fayetteville, N.C. (one in every 920 housing units); Cleveland, Ohio (one in every 969 housing units); and Columbia, S.C. (one in every 1,013 housing units).