A total of 243,947 foreclosure filings (including default notices, auction sale notices, and bank repossessions) recorded in August 2007 represents the highest number of filings in a single month since Irvine, Calif.-based RealtyTrac, an online marketplace for foreclosure properties, began issuing a monthly report in January 2005. The filings were up 115 percent from August 2006 and up 36 percent from July.
"The jump in foreclosure filings this month might be the beginning of the next wave of increased foreclosure activity, as a large number of subprime adjustable rate loans are beginning to reset now," says James J. Saccacio, chief executive officer of RealtyTrac. "Another significant factor in the increased level of foreclosure activity is that the number of REO filings [bank repossessions] is increasing dramatically, which means that a greater percentage of homes entering foreclosure are going back to the banks."
The national foreclosure rate for August, according to Tuesday's report, is one foreclosure filing for every 510 households, which is also the highest figure ever issued in the report.
Once again, Nevada topped the nation in filings with one foreclosure for every 165 households - more than three times the national average. California and Florida follow Nevada, with Georgia, Ohio, Michigan, Arizona, Colorado, Texas, and Indiana rounding out the top ten on the list.
Vermont, with one foreclosure filing for every 27,940 households, followed by North Dakota, South Dakota, West Virginia, and Mississippi, leads the nation with the lowest foreclosure rates in the U.S.
California cities once again accounted for six of the top 10 metro foreclosure rates in August, with the top three spots going to Modesto, Stockton, and Merced. Other California cities in the top 10 include Vallejo-Fairfield at No. 5, Riverside-San Bernardino at No. 6, and Sacramento at No. 7. Detroit (No. 4), Fort Lauderdale, Las Vegas, and Cleveland (ranked Nos. 8, 9 and, 10 respectively) complete the list.
Click here to download an Excel spreadsheet detailing the August foreclosure activity across the nation.