U.S. Foreclosures Soar 93 Percent
From Staff Reports
The number of U.S. foreclosure filings reported for July were up 93% over the same month last year, the latest sign that homeowners are having trouble making mortgage payments or selling their homes during this national housing downturn. Foreclosure reports were up only 9% from June, The Associated Press reported.
This is expected to get far worse before it gets better. In its Aug. 16 edition, The Wall Street Journal reported that after lenders acquired an average of 440,000 homes annually in each of the seven years from 2000 to 2006, they would be looking at acquiring about 760,000 homes this year and another 935,000 in 2008.
In the report yesterday (Tuesday), there were 179,599 foreclosure filings reported during July, up from 92,845 during the same month last summer, Irvine-based RealtyTrac Inc. said. There were 164,644 foreclosure filings reported in June. The national foreclosure rate in July was one filing for every 693 households, the company said.
“While 43 states experienced year-over-year increases in foreclosure activity, just five states – California, Florida, Michigan, Ohio and Georgia – accounted for more than half of the nation’s total foreclosure filings,” RealtyTrac Chief Executive Officer James J. Saccacio said.
Foreclosure filings consist of default notices, auction sale notices and bank repossessions.
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