Foreclosure filings increased four percent in July from the previous month, but unless your home is in one of five states, your chance of being affected is less.
In its July report, the real estate data firm RealtyTrac notes that foreclosure activity continues to be centered in California, Florida, Illinois, Michigan and Arizona, with those five states accounting for more than half of all U.S. foreclosure activity last month.
California alone accounted for 21 percent of the national total in July, with 66,910 properties receiving a foreclosure filing during the month -- down three percent from the previous month and down 38 percent from July 2009.
With 51,557 properties receiving a foreclosure filing during the month, Florida accounted for 16 percent of the national total in July despite a nearly nine percent decrease in foreclosure activity from July 2009.
Illinois foreclosure activity increased 33 percent from the previous month -- the biggest monthly increase among states with top 10 foreclosure rates. A total of 19,602 Illinois properties received a foreclosure filing in July, the third highest state total and accounting for six percent of the national total.
Michigan accounted for just under six percent of the national total, with 18,833 properties receiving a foreclosure filing in July, and Arizona accounted for five percent of the national total, with 16,298 properties receiving a foreclosure filing in July.
Repossessions up six percent
Despite the month over month increase in foreclosure activity, RealtyTrac notes that foreclosure filings are down ten percent from July 2009. But that doesn't mean people have stopped losing their homes. In fact, that grim statistic continues to rise.
"July marked the 17th consecutive month with a foreclosure activity total exceeding 300,000," said James J. Saccacio, chief executive officer of RealtyTrac. "Declines in new default notices, which were down on a year-over-year basis for the sixth straight month in July, have been offset by near-record levels of bank repossessions, which increased on a year-over-year basis for the eighth straight month."
When it comes to the rate of foreclosure, two smaller states -- Nevada and Idaho -- make the top five. In Nevada, nearly one in every 82 housing units receiving a foreclosure filing in July. Nevada continued to document the nation's highest foreclosure rate for the 43rd straight month.
Foreclosure activity in Idaho increased nearly 19 percent from the previous month, boosting the state's foreclosure rate to fifth highest among all the states. One in every 240 Idaho housing units received a foreclosure filing in July.
Metro foreclosure hot spots
All 10 metro areas with the nation's highest foreclosure rates in July posted year-over-year decreases in foreclosure activity, but five of the top 10 posted increases from the previous month. The two biggest monthly increases were in No. 2 Cape Coral-Fort Myers, Fla., where foreclosure activity was up 21 percent from the previous month, and in No. 9 Phoenix-Mesa-Scottsdale, Ariz., where foreclosure activity was up 19 percent from the month before.
Foreclosure activity increased nearly nine percent from the previous month in the Las Vegas-Paradise, Nev., metro area, which registered the highest foreclosure rate among metropolitan areas with a population of 200,000 or more. One in every 71 Las Vegas housing units received a foreclosure filing in July, more than five times the national average.
Other states with foreclosure activity totals among the nation's 10 highest in July were Nevada (13,727), Ohio (13,511), Georgia (12,577), Texas (11,727) and Maryland (6,961).
