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Bush administration to help 250,000 homeowners refinance

National Mortgage Professional
Nov 18, 2007

Foreclosure activity increases nine percent in July: Foreclosure filings up 93 percent from July 2006MortgagePress.comU.S. foreclosure statistics RealtyTrac, an online marketplace for foreclosure properties, has released its July 2007 U.S. Foreclosure Market Report, which showed a total of 179,599 foreclosure filings (default notices, auction sale notices and bank repossessions) were reported during the month, up nine percent from the previous month and 93 percent from July 2006. The report also showed 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, CEO 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 documented the nation's highest state foreclosure rate for the seventh month in a row—one foreclosure filing for every 199 households—more than three times the national average. The state reported a total of 5,116 foreclosure filings during the month, up eight percent from the previous month and 215 percent from July 2006. Georgia's foreclosure rate leapfrogged from eighth highest in June to second highest in July, due 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 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 reported 39,013 foreclosure filings in July, the most of any state for the seventh month in a row and up 289 percent from July 2006. The state's foreclosure activity was up less than one percent from the previous month, helping its foreclosure rate—one foreclosure filing for every 333 households—slip from second highest to fourth highest among the states. Despite a nine-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 number four 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 posted a 70-percent month-over-month increase in foreclosure activity in July, pushing the city's foreclosure rate to one foreclosure filing for every 97 households—more than seven times the national average and highest among 229 metro areas tracked in the report. The city reported a total of 8,683 foreclosure filings during the month. Six California metropolitan areas reported foreclosure rates among the top 10 in July: Stockton at number two, Merced at number three, Modesto at number four, Vallejo-Fairfield at number five, Riverside-San Bernardino at number eight, and Sacramento at number nine. Other cities with foreclosure rates among the 10 highest were Las Vegas at number six, Atlanta at number seven and Greeley, Colo. at number 10. For more information, visit www.realtytrac.com.
Published
Nov 18, 2007
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