The Foreclosure Report

Defaults Renew Surge In July

Inman News has this report. "RealtyTrac, a marketplace for foreclosure properties, reported an 18 percent increase in properties entering some stage of foreclosure in July compared to July 2005. The company also reported a 5 percent increase in foreclosure activity from June to July."

"Colorado had the nation's highest state foreclosure rate for the fifth month in a row, according to the report. The state reported 3,810 properties entering some stage of foreclosure, a 3 percent increase from the previous month and a 55 percent increase from July 2005."

"Nevada had the nation's second-highest foreclosure rate for the second straight month. The state reported 1,626 properties entering some stage of foreclosure, a 31 percent increase from the previous month and a foreclosure rate of one new foreclosure filing for every 533 households."

"Texas reported 13,103 properties entering some stage of foreclosure, the most of any state for the eighth month in a row, and a 15 percent increase from the previous month."

"Other states reporting foreclosure rates among the nation's 10 highest were Georgia, Utah, Florida, Michigan, Indiana, Ohio and Illinois. The six states with the most new foreclosure filings, Texas, Florida, California, Michigan, Ohio and Illinois, accounted for 54 percent of the nation's foreclosure activity in July."

'Florida had 10,757 documented properties entering some stage of foreclosure, a 25 percent increase in documented foreclosures from June to July. California reported 10,025 properties entering some stage of foreclosure, six fewer than the previous month but more than twice the number reported in July 2005."

"'After dropping to their lowest level of the year (in June), U.S. foreclosure filings rose back above the 90,000 mark in July and the national rate of foreclosures was almost identical to the foreclosure rate reported in May,' said James J. Saccacio, RealtyTrac CEO."

"'While foreclosure activity continues to remain slightly below historical averages, the number of properties in some stage of foreclosure from January to July has increased by 39 percent compared to the same period of 2005. This increase is due largely to the combination of increased interest rates on mortgages, and a slowdown in residential real estate sales. It will be very interesting to see where the market goes over the balance of the year, as billions of dollars of adjustable-rate mortgages reset at significantly higher rates,' said Saccacio."

posted by Ben Jones @ 3:26 PM