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Foreclosure News

Foreclosures Keep Rising

ForeclosureS.com reports 100,421 July pre-foreclosure filings

August 6, 2007

By MortgageDaily.com staff

The number of mortgages entering foreclosures rose while real estate owned climbed to the highest level this year.

During July, there were 100,421 pre-foreclosure filings across the country, ForeclosureS.com reported today. The figure, which represents the number of notices of default or foreclosure auction notices filed, reflects delinquent borrowers who are facing potential foreclosure but trying to work out a solution.

The findings were reportedly based on analysis of nearly 3.5 million listings in more than 1,590 U.S. counties.

July's activity was way up from 79,018 filings in June, the report indicated.

"On a per-capita basis for the first seven months of 2007, 9 pre-foreclosures were filed for every 1,000 households (567,046 total filings), up more than 27 percent from nearly 7 filings per 1,000 households," ForeclosureS.com said. "That's also up more than 83 percent from the 4.9 filings per 1,000 households for the same period a year ago."

At 1.01 percent, the Southwest had the highest per capita rate year-to-date with 263,452 filings through July 31, according to the announcement. Alpine County, Calif., with 39.3 filings per 1,000 households, had the highest pre-foreclosure rate of any U.S. county, followed by Lee County Fla., with 36.2 filings per 1,000 households and Kendall County, Ill., with 35.4 filings per 1,000 households. Nevada had the highest per capita rate of any state at 25.5 filings per 1,000 households and 19,044 actual filings, while California had the most filings at 132,101 actual filings,

On a national basis REOs, which reflect mortgages that have been foreclosed on, were 51,373 in July -- rising from 41,535 in June to the highest level this year, ForeclosureS.com said. For the first seven months of the year, REOs are up nearly 19 percent from the same period a year earlier.

From Jan. 1 to July 31, the Midwest had the highest per capita REO rate at 0.54 percent with a total of 86,119 foreclosures, the data indicated. But the number of REOs was highest in the Southwest, with 120,517 year-to-date foreclosures and a per capita rate of 0.45 percent. Colorado and Michigan had the highest per capita REO rate of all states, at 9.4 foreclosures for every 1,000 households.

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