On an annual basis, foreclosure filings fell last month. As compared to August 2010, last month's foreclosure filings dropped 33 percent. "Foreclosure filing" is a catch-all term, comprising default notices; scheduled auctions; and bank repossessions. The study was published by foreclosure-tracking firm RealtyTrac and this month's report reveals a slowing rate of foreclosure within each of the Top 10 most foreclosure-heavy states. All news is not good, however. On a monthly basis, foreclosure filings spiked, led by a surge in default notices. Default notices made their biggest one-month jump since August 2007 on the way to a 9-month high last month. Default notices are the first step in the foreclosure process so this jump may foreshadow a large number of bank repossessions as foreclosures " make their way through the process". It's also noteworthy that just 6 states housed half of the nation's bank repossessions last month.
- California : 18 percent of bank repossessions
- Florida : 8 percent of bank repossessions
- Georgia : 7 percent of bank repossessions
- Michigan : 6 percent of bank repossessions
- Texas : 6 percent of bank repossessions
- Arizona : 6 percent of bank repossessions