John's Florida Real Estate Blog

head_left_image

Foreclosure Activity Up 9% in July 2007

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: jelwell1@tampabay.rr.com

You are also invited to visit my webpage at: http://jelwell.century21bnr.com

SOURCE: Press Release from RealtyTrac®

John Elwell - REALTOR

CENTURY 21

Bill Nye Realty, Inc.

813-783-4444

Licensed in Florida

 

Comment balloon 0 commentsJohn Elwell • August 21 2007 06:46PM
Foreclosure Activity Up 9% in July 2007
share
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… more
Truth in Millage (TRIM) Notices Arrive in Florida
share
In Pasco County and the rest of Florida we are receiving our Truth in Millage or TRIM notices in the mail. The main purpose of these notices is to let us know what our property taxes might be for the year 2007. As in many states we pay our property… more
Selling Your Home Via a Short Sale May Have Income Tax Implications
share
Many of you have probably heard about "short sales". Have you ever wondered what they are? First, let me make it clear that I am neither an accountant or a financial advisor. The information I am placing here is just to make you aware of… more
Two Florida Property Insurance Companies Withdraw Their Requests For…
share
TALLAHASSEE (08/17/2007) - The Florida Office of Insurance Regulation (Office) announced today that AMEX Assurance Company and IDS Property Casualty Insurance Company withdrew their filings. The companies had requested a 49. 1 percent rate increase… more
National Association of Home Builders (NAHB) Applauds Federal Reserve…
share
In response to the troubles in the credit markets, evidenced by the large numbers of mortgage lenders jumping off the cliffs like lemmings, the Federal Reserve lowered the discount rate that it charges banks by 1/2 of a percentage point. They felt… more
PRICE REDUCED! Personal Residence or Investment Opportunity in…
share
For home buyers or investors with just a little vision and willing to apply some TLC, this well-priced property could hold the potential that you have been looking for. This 2 bedroom/1 bath bungalow home has a great bright open feeling that belies… more
Countrywide Financial Goes Looking For Money
share
From many sources I am hearing that Countrywide Financial Corp. is borrowing money to meet its needs in a housing market that is currently on the ropes. Countrywide is one of the largest mortgage companies in the United States. My own mortgage is… more
Freddie Mac: Mortgage Interest Rates Climb Slightly
share
Today 8/16/07, Freddie Mac reported that the average mortgage interest rates for 30 and 15 year fixed-rate loans rose slightly. Nationally the average mortgage interest rate for 30 year fixed-rate mortgages was 6. 62% (6. 57% in the southeast), a… more
National Association of REALTORS: Second-Quarter Metro Homes Prices…
share
WASHINGTON, August 15, 2007 - Home price trends are improving in metropolitan areas but existing-home sales during the second quarter were below a year ago in most states, according to the latest quarterly survey by the… more
Florida Association of REALTORS: Florida’s Housing Market For 2nd…
share
ORLANDO, Fla. – Aug. 15, 2007 – In second quarter 2007, Florida's housing sector in many markets continued to report higher inventory levels of homes for sale, median prices edging down and sales activity reflecting a buyer’s market. … more