CA Among Top States For Foreclosure Starts, Repossessed Properties

California was among the top three states for foreclosure starts and repossessed properties in August, according to real estate data company ATTOM.

Nationwide, foreclosure filings are up 13 percent from a year ago, with 40,277 properties with filings last month, according to ATTOM. One in 3,569 homes had a filing in August across the country, with South Carolina posting the worst rate at one filing per 1,547 units.

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ATTOM, in a summary of its August foreclosure market report, stated that lenders initiated foreclosure on 25,894 properties, up 7 percent year-over-year. Of those, nearly 10 percent — 2,565 foreclosure starts — were in California. The Golden State had the third-highest number of foreclosure starts in August, behind Florida at 3,189 and Texas at 3,126.

Also in August, California had the second-highest number of repossessed properties through completed foreclosures, with 589 out of 5,794 nationwide, ATTOM reported. Texas had the highest number of repossessed properties through foreclosure, with 1,835. North Carolina was the third-highest with 356. Nationally, repossessions through foreclosure were up 42 percent year-over-year.

Even with the recent increases, foreclosure activity remains below levels considered normal before the coronavirus pandemic, according to ATTOM.