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"This trend in state legislation intervening in the foreclosure process in some of the non-judicial states, particularly over the past six months to a year, is actually going to prolong the time it takes to fully clear this backlog of foreclosure properties," he said. Meanwhile, the number of completed foreclosures nationwide declined last month to 52,380. That's down 2 percent from July and down 19 percent from August last year, the firm said. Home repossessions have been down on an annual basis the past 22 months. But they increased last month in 35 states, including Nevada, where they jumped 76 percent, and Oregon, where they climbed 57 percent. Between January and August, banks completed foreclosures on 452,016 homes. At that pace, the nation is on track to end the year with 678,000 completed foreclosures, down from 800,000 last year, Blomquist said. There are as many as 1.5 million homes already repossessed by banks or in some stage of the foreclosure process. At the state level, Illinois had the highest foreclosure rate in the nation last month, a rate of one in every 298 households in some stage of foreclosure. Both foreclosure starts and completed foreclosures rose in Illinois last month. Florida, California, Arizona and Nevada rounded out the top five states with the highest foreclosure rates in August.
[Associated
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