Foreclosures jump 7% in July - Bills.com News

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Foreclosures jump 7% in July

Thursday, Aug 13, 2009

According to a recent report, this past July saw one in every 355 houses in the country receive a foreclosure notice.

RealtyTrac's July 2009 U.S. Foreclosure Market Report shows there were 360,149 during the month, which marks a 7 percent increase from June. The number of foreclosures for represents a 32 percent increase over the number reported in July of 2008.

There have been a number of programs trying to help homeownersget mortgage refinancing, including the federal government Making Homes Affordable program, which aims at restructuring home loans. Connecticut has also recently passed new laws to help those facing foreclosure get home refinancing.

"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," James J. Saccacio, chief executive officer of RealtyTrac, said.

When compiling its data, RealtyTrac takes into account default notices, scheduled auctions and bank repossessions. The state with the highest foreclosure rate was Nevada, where
one in every 56 houses faced a foreclosure notice. July's report marks the 31st month Nevada has topped the list.

Regarding the other top foreclosure rate states, California came in second with one in every 123 housing units facing foreclosure. Arizona rounded out the top three with one in every 135 units getting a foreclosure notice.
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