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Foreclosures Rise

July highest month this year, RealtyTrac reports

August 26, 2005


More people went into foreclosure last month than any other month this year, with borrowers in the Sunshine State and the Natural State leading the way.

The number of properties entering some stage of foreclosure nationwide rose to 78,979 in July, increasing 4.7 percent from the prior high in June, according to the latest Monthly U.S. Foreclosure Market Report announced by RealtyTrac. As new foreclosures have jumped more than 12 percent in the last two months, the national foreclosure rate has risen to one foreclosure for every 1,465 households.

"If the trend from the last two months continues, foreclosures may gather enough momentum to significantly impact the real estate market," said RealtyTrac CEO James Saccacio in the announcement. "The numbers for the next few months will let us know if that's the case."

Florida was the state with the highest number of reported new foreclosures -- 12,471, a 27.5% increase from June. However, the state's foreclosure rate fell from second highest to third highest in the nation due to greater increases in other states, according to RealtyTrac, which says it is the leading online foreclosure marketplace.

Vermont had the fewest new foreclosures, the report said, with only six.

The highest foreclosure rate belonged to Arkansas. Its new foreclosures soared 150%, pushing its rate to one foreclosure for every 491 households -- almost three times the national average, the Irvine, Calif.-based company reported.

Following Arkansas and reportedly also ranking in the top five for the first time this year was Tennessee with a foreclosure rate of one in every 547 households as new foreclosures amounted to 4,481 in July.

RealtyTrac said Hawaii and Colorado rounded out the five states with the highest foreclosure rates, while Georgia and Utah edged out of the top five.

Coco Salazar is an assistant editor and staff writer for MortgageDaily.com.

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