LANSING (WKZO) -- A new report shows U.S. foreclosure starts this August were dramatically lower than the same month a year ago. RealtyTrac says foreclosure starts were down eight-percent in August to their lowest level since December of 2005.
The report adds that foreclosure filings last month showed a decrease of two percent from July and were down 34-percent from August of last year. RealtyTrac Vice President Daren Blomquist cautions that "foreclosure flash floods" will still show up in some markets in the coming months because of "delayed foreclosure starts" which are rapidly being pushed into the picture.
Michigan, meanwhile, hit hard early on by the recession, has since fallen from the top ten list of states with foreclosure filings.