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Foreclosure News

Foreclosures Soar

243,947 August filings

September 18, 2007

By MortgageDaily.com staff

Driven by a jump in California and Florida, monthly foreclosure filings soared. More than half the latest month's filings occurred in just four states.

During August, 243,947 foreclosures were filed nationwide, RealtyTrac announced today. Filings jumped 36 percent from July and 115 percent from a year earlier.

The latest data indicate one filing was made for every 510 U.S. households last month.

Foreclosure filings include default notices, auction sale notices and bank repossessions, RealtyTrac reported. The figures were compiled from a database of 1 million properties in 2,500 counties.

More than half of August's foreclosures were filed in just four states, including California, with 57,875 filings; Florida, which had 33,932 foreclosures; Ohio, at 17,793 filings; and Texas, with 16,970 filings, according to RealtyTrac. Golden State foreclosures were almost 50 percent higher than in July, while Florida filings soared 77 percent.

Looking at the foreclosure rate by state, Nevada was the worst at one foreclosure for every 165 households, the report stated. Next was California, with one filing for every 224 households, followed by Florida, with one foreclosure filing for every 243 households.

Six of the worst 10 metropolitan areas were in California, RealtyTrac said. The worst area was Modesto, Calif. -- with one foreclosure filing for every 79 households.

Real estate owned rose to 42,789 nationally, the report said. Nearly half of REOs were in the states of California, which had 8,571; Ohio, with 6,280; and Michigan, at 5,459.

"The number of REO filings is increasing dramatically, which means that a greater percentage of homes entering foreclosure are going back to the banks," RealtyTrac Chief Executive Officer James J. Saccacio said in the statement.

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