RealtyTrac: Foreclosure Activity Up 7 % In July

U.S. foreclosure activity is up 32 % from July 2008.

Over 360,000 households receive foreclosure filings setting a new record.

Foreclosure filings were reported on a total of 360,149 properties during the month – an increase of 7% from June’s revised total and up 32% from July 2008.

The national foreclosure rate stood at one foreclosure filing for every 355 U.S. households in July, according to the foreclosure tracking company.

RealtyTrac considers default notices, auction sale notices and bank repossessions as foreclosure filings.

“July marks the third time in the last five months where we’ve seen a new record set for foreclosure activity,” noted James J. Saccacio, chief executive officer of RealtyTrac.

“Despite continued efforts by the federal government and state governments to patch together a safety net for distressed homeowners, we’re seeing significant growth in both the initial notices of default and in the bank repossessions.”

Nevada once more reported the nation’s highest foreclosure rate for the 31st consecutive month with one foreclosure filing for every 56 households.

In July, Nevada’s reported foreclosure filings were up 4% from the previous month.

California fell into the second worst ranking with one foreclosure filing for every 123 households in July.

California posted the nation’s second highest state foreclosure rate with a 15 percent increase in foreclosure activity from the previous month.

Arizona ranked third with one foreclosure filing for every 135 households.

With 108,104 total foreclosure filings, California reported the most filings in the nation.

The Top Ten Foreclosure Rates:

1. Nevada
2. California
3. Arizona
4. Florida
5. Utah
6. Idaho
7. Georgia
8. Illionois
9. Colorado
10. Oregon

Phil Ganz (354 Posts)

Philip D. Ganz is a Boston Mortgage Broker and Boston Home Loan specialist. For information, expertise, consulting, or advice about home loans, refinancing mortgages, or commercial property loans, contact Phil with no obligation: 617-529-9317

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