Sales of Foreclosed Properties Fell in August: Hope Now

Sales of foreclosed properties in August fell to their lowest level in about eight years, according to Hope Now.

The number of foreclosed homes sold in August fell 7% to 27,000, compared to July, the advocacy group Hope Now said in a news release. The number of completed short sales fell 12% to 7,100. And the number of completed loan modifications fell 3% to 32,000, including those completed under the Home Affordable Modification Program.

Other categories that the Washington organization monitors did not show positive improvements. The number of deeds-in-lieu completed was unchanged at 1,600. The number of foreclosure starts rose 6% to 56,000.

"Although there is good news, on a nationwide level, with respect to foreclosures and serious mortgage delinquencies, Hope Now's members remained focused on specific markets that need additional support," Eric Selk, executive director, said in the release. "These markets have been slower to recover and face a variety of housing issues."