Foreclosure filings up
National foreclosure filings in August were up 36 percent from July and 115 percent from August 2006, according to a market forecast out today.
The forecast was prepared by RealtyTrac, a California-based online marketplace for foreclosure properties.
Nevada, California, and Florida posted the top state foreclosure rates in August, and Massachusetts was ranked 12th, said RealtyTrac, which defines foreclosure filings as default notices, auction sale notices, and repossessions by lenders.
"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 in a statement.
The number of repossessions, he added, is "increasing dramatically, which means that a greater percentage of homes entering foreclosure are going back to the banks."
Meanwhile, the Massachusetts Bankers Association has been looking to differentiate the local banking industry from struggling national mortgage firms.
In a Sept. 6th statement, the association's president and chief executive, Daniel J. Forte, said: "Unfortunately, there may be a public perception that funds are drying up for mortgage borrowers. I can tell you at your local community or regional bank here in the Bay State and throughout New England, that is definitely not the case."
(By Chris Reidy, Globe staff)
