The Foreclosure Report – August 2011

Foreclosure Starts Driven Higher by Bank of AmericasForeclosure filings and sales increase throughout most of our coverage are in August. Foreclosure starts jumped significantly, reversing what had been a declining trend over the past several months. Investors bought more properties on the courthouse steps in August than in July everywhere except in Washington. The number of properties Sold Back to Bank jumped significantly in Oregon, and also rose in California and Nevada.Foreclosure starts (the first notice filed, either a Notice of Default or Notice of Trustee Sale depending on the state) rose in every state. This appears to have been primarily driven by Bank of America and related entities, where we saw an overall 116 percent increase from July to August. Wells Fargo and US Bank also saw an increases in foreclosure start filings, while filings by JP Morgan Chase and Citibank were essentially flat.Key month over month trends for August include:StateNotice of DefaultNotice of SaleBack to BankSold to 3rd PartyArizonan/a+ 15.0%- 8.1%+ 4.9%California+ 69.5%+ 6.1%+ 12.3%+ 9.9%Nevada+ 44.2%+ 9.9%+ 1.2%+ 19.8%Oregon+ 35.6%n/a+ 243.3%+ 46.0%Washingtonn/a+ 3.9%- 29.4%+ 33.3%CLICK HERE for our complete August 2011 Foreclosure Report