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Foreclosures Ascend

RealtyTrac reports 179,599 July foreclosure filings

Aug. 21, 2007

By MortgageDaily.com staff


Monthly foreclosures almost doubled from a year earlier. Michigan and Detroit respectively ranked among the states and cities with the worst foreclosure rates -- although Georgia made a surprise showing.

In July, 179,599 foreclosures were filed across the country, RealtyTrac reported today in its July 2007 U.S. Foreclosure Market Report. The figure, which reflects default notices, auction sale notices and bank repossessions, was 9 percent higher than June and 93 percent higher than a year earlier.

The California-based foreclosure tracking service said its figures are based on a database of more than 1 million properties in almost 2,500 counties.

There was one foreclosure for every 693 households nationally, worsening from one-in-704 the prior month, the report indicated.

"California, Florida, Michigan, Ohio and Georgia accounted for more than half of the nation's total foreclosure filings," RealtyTrac CEO James J. Saccacio said in the press release. "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."

The highest foreclosures rate for the seventh consecutive month was held by Nevada with one filing for every 199 households and a total of 5,116 filings, RealtyTrac reported.

Georgia's activity jumped to one foreclosure filing for every 299 households -- giving it the second worst level, the announcement said. Total July filings were 12,602.

Michigan reportedly followed with one filing for every 320 households and 13,979 total filings. Detroit had the highest foreclosure rate of any metropolitan area with one foreclosure filing for every 97 households.

RealtyTrac indicated California had the most July filings at 39,013. The Golden State's foreclosure rate was one filing for every 333 households. Next was Florida, with 19,179 filings, then Michigan.

Six metropolitan areas in California ranked among the 10 worst in foreclosure rates as did Las Vegas, Atlanta and Greeley, Colo., the report said.

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