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Repeat Foreclosure Percentage Increases to Tie All-Time High

repeat foreclosuresThe percentage of September's foreclosure starts that were repeat foreclosures rose by two percentage points month-over-month to account for 53 percent of foreclosure starts, tying the highest percentage for a single month, according to Black Knight Financial Services' September 2014 Mortgage Monitor.

In all, there were 91,000 foreclosure starts nationwide during September, an increase of 11.5 percent from August but a decrease of 16.5 percent from September 2013, when 109,000 foreclosure starts were reported, according to Black Knight. For September 2014, Black Knight reported that 48,200 of the 91,000 foreclosure starts were repeat foreclosures – a total of 53 percent, which tied July 2014 for the highest percentage in a single month since Black Knight began tracking the data in January 2008.

September 2014's percentage of repeat foreclosures represented an increase of 2 percentage points from August (41,500 out of 81,600, for 51 percent) and 4 percentage points from September 2013 (53,400 out of 109,000, a total of 49 percent). September 2014 was the eighth consecutive month in which the percentage of repeat foreclosures accounted for 50 percent or more of foreclosure starts and the 28th consecutive month in which the percentage totaled 40 percent or more. The percentage has not been below 40 percent since May 2012, when 80,800 out of 218,900 foreclosure starts were repeat foreclosures for a total of 37 percent, according to Black Knight.

The lowest percentage of repeat foreclosures was reported in February 2008, just prior to the housing bust, when 29,100 out of 205,000 foreclosure starts were repeats (14 percent). The percentage has been 20 percent or more every month since March 2009; the last month where repeat foreclosures made up less than 20 percent of foreclosure starts was February 2009 (48,200 out of 265,300, 18 percent), according to Black Knight.

The highest overall number of repeat foreclosures for any one month was reported in March 2011, when 109,500 repeat foreclosures were reported out of 263,900, for a total of 41 percent. The only other month in which the total number  of repeat foreclosures exceeded 100,000 for a month was in March 2012 (103,800).

About Author: Brian Honea

Brian Honea's writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master's degree from Amberton University in Garland.
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