National foreclosures increase in JulyMortgagePress.comForeclosures in United States
RealtyTrac, an online marketplace for foreclosure properties,
has released its monthly U.S. foreclosure market report for July,
which showed that the number of properties entering some stage of
foreclosure nationwide rose to 78,979, a 4.7 percent increase from
June, and the most new foreclosures reported in any month,
year-to-date. New foreclosures have jumped more than 12 percent in
the last two months, pushing the nation's foreclosure rate to one
foreclosure for every 1,465 households.
"If the trend from the last two months continues, foreclosures
may gather enough momentum to significantly impact the real estate
market," said James J. Saccacio, RealtyTrac CEO. "The numbers for
the next few months will let us know if that's the case."
Florida reported the highest number of new foreclosures of any
state, with 12,471, a 27.5 percent increase that boosted the
state's foreclosure rate to one foreclosure for every 586
households. Even though Florida properties entered foreclosure at a
higher rate than the previous month, the state's foreclosure rate
slid from second highest to third highest, nationwide, because of
greater increases in other states.
Texas wasn't far behind Florida in terms of the number of new
foreclosures, with 10,100 properties entering some stage of
foreclosure. But, that was a 25.8 percent decrease from June, and
lowered the state's foreclosure rate to seventh highest in the
country, with one foreclosure for every 797 households.
New foreclosures in Arkansas soared 150 percent in July, giving
it the nation's highest foreclosure rate, with one foreclosure for
every 491 households--almost three times the national average. The
state reported 2,389 new foreclosures.
Tennessee reported 4,481 new foreclosures in July--fewer only
than Florida, Texas and Ohio--and registered the nation's second
highest foreclosure rate, with one foreclosure for every 547
households. It was the first month this year that foreclosure rates
in Arkansas or Tennessee ranked among the five highest in the
nation.
With one foreclosure for every 604 households, Hawaii's
foreclosure rate also placed among the five highest in the country
for the first time this year. The state reported 763 properties
entering some stage of foreclosure. Colorado's foreclosure rate
rounded out the top five, with one foreclosure for every 743
households. July was the fourth consecutive month Colorado's
foreclosure rate ranked among the nation's five highest.
Foreclosure rates in Georgia and Utah dropped out of the top
five, but not far. Georgia reported 4,107 properties entering some
stage of foreclosure, giving it the nation's sixth highest
foreclosure rate, with one foreclosure for every 754 properties.
Utah posted the eighth highest foreclosure rate, with one
foreclosure for every 805 households.
For more information, visit www.realtytrac.com.
