Thursday, August 13, 2009

Foreclosures continue unabated at record levels

Keeping debt collectors at bay
A record 360,149 properties experienced foreclosure filings nationwide in July, a 32 percent increase from July 2008, a new monthly record and the third time in the last five months foreclosures set a new monthly record.

by Broderick Perkins
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Deadline Newsroom - A record 360,149 properties experienced foreclosure filings in July -- including default notices, scheduled auctions and bank repossessions -- a new monthly record, according to

The count represented a 32 percent increase from July 2008 and the third time in the last five months foreclosures set a new monthly record.

RealtyTrac has been tracking foreclosures since 1996.

"Despite continued efforts by the federal government and state governments to patch together a safety net for distressed homeowners, we're seeing significant growth in both the initial notices of default and in the bank repossessions," said James J. Saccacio, RealtyTrac CEO.

For nearly the past three years, Nevada documented the nation's highest state foreclosure rate - one in every 56 housing units received a foreclosure filing in July. That's more than six times the national average.

Some relief came on Nevada's default notices as a new state law kicked in requiring lenders to offer mediation to homeowners facing foreclosure.

The glitter remains off in both the Golden State and the Silver State.

Since June 15, there's been a 90-day foreclosure moratorium in California, but the state still has the nation's second highest state foreclosure rate for the third month in a row.

One in every 123 California housing units received a foreclosure filing in July, nearly three times the national average. With more than 108,000 filings in July, the state is ground zero in terms of sheer numbers of foreclosures.

In Arizona, one in every 135 housing units received a foreclosure filing in July, the nation’s third highest state foreclosure rate and more than 2.5 times the national average.

Other states with high foreclosure rates include Florida, Utah, Idaho, Georgia, Illinois, Colorado and Oregon.

Four states account for more than half (57 percent) of total foreclosure activity, California, with 108,104 properties; Florida, 56,486 properties; Arizona, 19,694 properties; and Nevada, 19,535 properties.

With only 11 foreclosure filings in July, Vermont had the lowest forclosure rate, one in 28,312, follwed by West Virginia, North Dakota, Nebraska and Montana.

More on foreclosures from the Deadline Newsroom.

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Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop.

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marvin said...

Many homeowners are losing their homes because of the current economic crisis. The best way they can do is to apply for a loan modification to lessen the burden of paying high amoubnts of their monthly debts. Good thing there are lots of companies nowadays that can help them to modify their existing loans.

Deadline Newsroom said...

Be sure to read the Deadline Newsroom's Mortgage Modification Manual to get a modification that works for you.