Foreclosure filings were reported on 338,836 properties in August, a 4 percent increase from the previous month but a 5 percent decrease from August 2009. One in every 381 U.S. housing units received a foreclosure filing during the month. “The trend lines of decreasing default notices and increasing bank repossessions converged in August, with virtually the same number of new default notices and bank repossessions for the month — a clear indication that the clogged foreclosure pipeline is being carefully managed on both ends by lenders and servicers,” said James J. Saccacio, chief executive officer of RealtyTrac. Complete Story

You've probably heard that the nation's banks had a $21.6 billion profit during the second quarter, reason enough to celebrate with big executive bonuses for our financial leaders. But before we break out the champagne it might be good to mention that the profits enjoyed by our bankers are no more believable than Bernie Madoff's sworn testimony. If a sound financial system is crucial to the economy, a few rules must be bent to create the fiction of bank stability. That reality impacts home prices and foreclosure practices nationwide. Complete Story

A growing number of delinquencies and foreclosures on government-backed loans —combined with generous incentives for purchasing foreclosed homes owned by Fannie Mae, Freddie Mac and HUD — means buyers and investors will have plenty of opportunities in the coming months to pick up properties at bargain prices with low down payments and preferred financing. The two government sponsored enterprises (GSEs) — Fannie and Freddie — are acquiring real estate owned (REO) properties through foreclosure at a significantly faster pace than overall growth in REO activity based on RealtyTrac data from the second quarter.