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Foreclosures Surge 93 Percent In One Year

One foreclosure for every 693 households last month

August 21, 2007

The monthly U.S. Foreclosure Market Report from RealtyTrac shows a total of 179,599 foreclosure filings — default notices, auction sale notices and bank repossessions, last month.

That amounts to one foreclosure filing for every 693 households last month. Though it’s a nationwide problem, much of the economic damage appears to be centered in specific areas.

“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.”

Saccacio said 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 and less volatile.

Nevada tops the list

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 8 percent from the previous month and up 215 percent from July 2006.

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 has largest total

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 1 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 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 has top metro rate

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 RealtyTrac 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 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.

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