Yesterday, RealtyTrac® reported that 179,599 filings for foreclosures took place in the past month. This was an increase of 9% from June 2007 and a 93% increase over July of 2006. According to them this comes out to equal 1 foreclosure for every 693 households in the United States.
Forty-three states had an increases over the past year, 5 states accounted for over half of the foreclosures. These 5 were California, Florida, Michigan, Georgia and Ohio. Contrary to the trend of most states, Texas, Utah and South Carolina continued to show slow-but-sure appreciation over the last 5 years.
Nevada, Georgia, and Michigan had the top foreclosure rates in the country. Nevada's rate was 3 times the national average and Georgia's was 2.3 times the national average. Filling out the rest of the top ten foreclosure rates, those above the national average, were Florida, California, Colorado, Ohio, Arizona, Massachusetts, and Indiana.
California, Florida and Michigan had the highest total number of foreclosures. California had a total of 39,013 foreclosures in July. Florida had 19,179 filings. No specific numbers were given for Michigan. Other states in the top ten for numbers of foreclosures were: Ohio, Georgia, Texas, Colorado, Arizona, Illinois, and Nevada.
Detroit was the metro area with the highest foreclosure rate, seven times the national average. Most of the other metro areas with high foreclosure rates were located in California.
Though just about all parts of the country are affected by the current foreclosure situation, it is also true that the vast majority of Americans are not experiencing problems. However, since we are such a large country, even a relatively small percentage can equal a large number of homes and a lot of money.
For more information or questions about this topic please call me at: 813-783-4444 or e-mail me at: firstname.lastname@example.org
You are also invited to visit my webpage at: http://jelwell.century21bnr.com
SOURCE: Press Release from RealtyTrac®
John Elwell - REALTOR
Bill Nye Realty, Inc.
Licensed in Florida