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Foreclosure News | Foreclosure Resources | Foreclosure Prevention Guide

Foreclosures Up Over 50% From 2007

272,171 July filings

August 14, 2008

By MortgageDaily.com staff

Monthly foreclosures jumped, while filings are up more than 50 percent from a year ago.

During July, 272,171 U.S. foreclosures were filed, RealtyTrac reported today. Filings rose from 252,363 filings the prior month and 179,599 foreclosures a year earlier. Year-to-date, 1,679,059 foreclosures have been filed.

Foreclosure filings reflect the number of properties with at least one foreclosure filing, including default notices, auction sale notices and real estate owned. RealtyTrac said its database includes more than 1.5 million properties in more than 2,200 counties.

With 72,285 filings, California again led the nation. Florida followed with 45,884 foreclosures, then Ohio, at 13,457. No. 4 was Arizona, which had 13,350 filings, and No. 5 was Michigan, with 11,591 foreclosures.

At just five filings, Vermont had the fewest foreclosures.

The national foreclosure rate was one filing for every 464 households, RealtyTrac said. The rate was one filing for per 501 households in June and one filing for each 693 households in July 2007.

Nevada sported the worst foreclosure rate, at one filing for each 106 households. At one filing for every 182 households, California was next. Florida followed, with one filing for each 186 households, then Arizona, at one foreclosure for every 195 households. No. 5 was Ohio, which had one filing for every 375 households.

Vermont ranked best in this category, with just one filing for each 61,911 households.

Among metropolitan areas, Cape Coral-Fort Myers, Fla., had the worst foreclosure rate, at one filing for every 64 households. Merced, Calif., had the second worst rate, at one filing for each 73 households, then Stockton and Modesto, Calif., which each had one foreclosure for every 82 households.

U.S. real estate owned filings numbered 77,295 last month, climbing from 71,563 in June. REOs were 184 percent higher than in July 2007.

California had 23,406 REOs -- more than any other state. With 6,267 REOs, Florida was next. Arizona followed at 5,125, then Texas, with 4,116. No. 5 was Ohio, at 4,057.

One subscriber recently complained about MortgageDaily.com's "lack of perspective" in its coverage of RealtyTrac's foreclosure data.

"Nationwide, over 97 percent of all homes are not in foreclosure," he wrote. "Even in the 'worst area,' over 90 percent of homes are not in default."

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