Cal. foreclosures spike 48% from July

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Good morning. RealtyTrac reports a big spike in foreclosure activity from July to August -- filings were up 36% from July nationally, and 48% in California. Those month-to-month gains are staggeringly high.

From AP: ‘’The jump in foreclosure filings this month might be the beginning of the next wave of increased foreclosure activity, as a large number of subprime adjustable rate loans are beginning to reset now,’ RealtyTrac Chief Executive James J. Saccacio said.’

More: ‘The number of bank repossessions jumped to 42,789 in August, compared with 20,116 a year earlier, the RealtyTrac said. In July, there were 26,842 bank repossessions.’

More numbers:
Month nat’l filings y/y % m/m % Cal. filings y/y % m/m %
June 164,000 87% -7% 38,000 286% -2%
July 179,000 93% 9% 39,000 289% 1%
Aug 243,000 115% 36% 57,000 363% 48%

Note: RealtyTrac reports all foreclosure ‘filings,’ so it often double and triple counts a single home’s trip through foreclosure. Still, we believe the percentage change numbers -- the ‘trend’ numbers -- are valuable indicators of foreclosure trends.

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Photo Credit: AP