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RealtyTrac, an online marketplace for foreclosure properties, based in Irvine, California, reported on Tuesday that its July 2007 US Foreclosure Market Report, shows that a total of 179,599 foreclosure filings — default notices, auction sale notices and bank repossessions — were reported during the month, up 9 percent from the previous month and up 93 percent from July 2006. The report also shows a national foreclosure rate of one foreclosure filing for every 693 households for the month. “While 43 states experienced year-over-year increases in foreclosure activity, just five states — California, Florida, Michigan, Ohio and Georgia — accounted for more than half of the nation’s total foreclosure filings,” said James J. Saccacio, chief executive officer of RealtyTrac. “Meanwhile, a few states actually reported declining foreclosure activity on a year-over-year basis. Some of these states could be benefiting from increased interest from real estate investors who have pulled out of more volatile markets where home price appreciation seems to have hit its peak for the time being. In contrast, states like Texas, South Carolina and Utah have seen slow but steady price appreciation over the past five years, making them much more attractive and affordable.” Nevada, Georgia, Michigan post top foreclosure rates Georgia’s foreclosure rate leapfrogged from eighth highest in June to second highest in July thanks to a 75 percent increase in foreclosure activity from the previous month. The state reported 12,602 foreclosure filings, a 168 percent increase from July 2006 and a foreclosure rate of one foreclosure filing for every 299 households — 2.3 times the national average. Michigan’s foreclosure rate of one foreclosure filing for every 320 households ranked third highest among the states in July, up from seventh highest in June. The state reported 13,979 foreclosure filings during the month, a 39 percent month-over-month increase and a 130 percent year-over-year increase. Other states with foreclosure rates ranking among the nation’s 10 highest in July were California, Colorado, Ohio, Florida, Arizona, Massachusetts and Indiana. California, Florida, Michigan document largest foreclosure totals Despite a 9 percent drop in foreclosure activity over the previous month, Florida continued to document the nation’s second highest number of foreclosure filings in July. The state reported 19,179 foreclosure filings during the month, still up 78 percent from July 2006 and a foreclosure rate of one foreclosure filing for every 431 households — seventh highest among the states and 1.6 times the national average. Michigan replaced Ohio as the state with the third highest number of foreclosure filings, and Ohio dropped to the No. 4 spot despite reporting a 12 percent month-over-month increase in foreclosure activity in July. Other states with foreclosure filing totals among the nation’s 10 highest in July were Georgia, Texas, Colorado, Arizona, Illinois and Nevada. Detroit tops list of metro foreclosure rates Six California metropolitan areas reported foreclosure rates among the top 10 in July: Stockton at No. 2; Merced at No. 3; Modesto at No. 4; Vallejo-Fairfield at No. 5; Riverside-San Bernardino at No. 8; and Sacramento at No. 9 Other cities with foreclosure rates among the 10 highest were Las Vegas at No. 6, Atlanta at No. 7, and Greeley, Colo., at No. 10. © Copyright 2007 by Finfacts.com |
