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CA Foreclosures Improve; US Deteriorates

325,229 U.S. properties face foreclosure in July

Aug. 12, 2010

By MortgageDaily.com staff


As new foreclosure filings across the country moved higher last month, activity in California slowed.

During July, foreclosures were filed on 325,229 U.S. properties, according to data released today from RealtyTrac. Filings -- including default notices, scheduled auctions and bank repossessions -- deteriorated from 313,841 in June but improved from 360,149 a year prior.

Year-to-date July 31, around 1,979,863 properties have faced foreclosure.

The findings were based on data from 2,200 U.S. counties that account for more than 90 percent of the national population.

With 66,910 filings, the Golden State again saw the most foreclosures. California filings were down, however, from 69,114 in June. In Florida, 51,557 properties faced foreclosure last month, seven more than in June. Illinois was No. 3 with 19,602 June filings, then Michigan's 18,833 and Arizona's 16,298.

July's best performing state was North Dakota, where just 38 properties faced filings.

Drilling down to the local level, foreclosure activity in the Cape Coral-Fort Myers, Fla., area was up 21 percent from June. In Phoenix-Mesa-Scottsdale, Ariz., foreclosure activity was up 19 percent.

Last month's national foreclosure rate was one foreclosure for each 397 properties -- worse than one-in-411 during June but better than one-in-355 reported for July 2009.

Nevada's foreclosure rate continued to be the highest of all states: one filing for each 82 housing units -- worsening from June's one-in-88. In Las Vegas, the rate was one filing for each 71 homes.

No. 2 Arizona saw its foreclosure rate also worsen, to one foreclosure for each 167 homes from one-in-189. Florida followed with one-in-171, then California's one-in-200 and Idaho's one-in-240.

West Virginia's one-in-10,307 was the best foreclosure rate of any state.

Moving on to repossessions, the country saw 92,858 real-estate-owned filings in July -- the second-highest level since RealtyTrac began reporting REOs in 2005. Activity worsened from the previous month's 85,525 and 87,258 a year ago.

From Jan. 1 to July 31, U.S. REOs totaled 622,536.

More foreclosures were completed in California than any other state: 13,871. REOs rose from 13,001 in June.

Florida's REOs decreased to 10,801 from June's 12,936, while Arizona moved higher to 5,950 from 5,894. Michigan saw 5,791 completed foreclosures last month, while Georgia had 5,620.

Just 28 REOs were filed in North Dakota during July, fewer than any other state.

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