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Foreclosures Fall Nationally as Some States See Jump

Foreclosures Fall Nationally as Some States See Jump

Foreclosure activity nationwide continues to improve. According to a report by RealtyTrac, total activity fell 15 percent in August from the year before. However, several states saw foreclosures jump significantly.

Illinois saw the largest increase in the

Foreclosure activity nationwide continues to improve. According to a report by RealtyTrac, total activity fell 15 percent in August from the year before. However, several states saw foreclosures jump significantly.

Illinois saw the largest increase in the legal proceedings regarding foreclosures, as it jumped 42 percent, year-over-year. This was part of a general trend revealed by the RealtyTrac report, as lending institutions move to clear backlogs of properties held up by foreclosure abuse lawsuits. The case delayed foreclosures from moving forward in states where the process is handled through courts, rather than a title company. The settlement of the lawsuit cleared the way for lenders to pursue foreclosures in states like Illinois, Florida and New Jersey.

Despite the increase in foreclosures in specific states, the number of distressed properties continues to decline, showing improvement in the housing industry. CNN reports that the number of bank repossessions has dropped significantly in the last year, falling 19 percent year-over-year. The finance community continues to try to find solutions that minimize its losses on the properties. With fewer repossessions, more houses are staying on the market for short-sales, helping to encourage buyers to continue to enter the market. 

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