RealtyTrac, an online marketplace for foreclosure properties, is reporting that foreclosure fillings (default notices, auction sale notices, and bank repossessions) increased nine percent in July and 93 percent from July 2006. Nevada, Georgia, and Michigan are currently posting the highest foreclosure rates.
"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," said James J. Saccacio, chief executive officer of RealtyTrac, in a press release. "Meanwhile, a few states actually reported declining foreclosure activity on a year-over-year basis. Some of these states could be benefiting from increased interest from real estate investors who have pulled out of more volatile markets where home price appreciation seems to have hit its peak for the time being. In contrast, states like Texas, South Carolina, and Utah have seen slow but steady price appreciation over the past five years, making them much more attractive and affordable."
Nevada tops the foreclosure list for the seventh month in a row with one foreclosure filing for every 199 households; in contrast, Vermont, which had nine filings, reports one foreclosure for every 34,149 households. The national rate per household is one foreclosure for every 693 homes.
The report also reveals that Detroit, which posted a 70 percent month-over-month increase in foreclosure activity in July, claims the highest metro foreclosure rate. With one foreclosure for every 97 households, the Motor City's foreclosure activity is more than seven times the national average among the 229 metro areas tracked by RealtyTrac.
Six California metropolitan areas are reporting foreclosure rates among the top 10 in July: Stockton at No. 2; Merced at No. 3; Modesto at No. 4; Vallejo-Fairfield at No. 5; Riverside-San Bernardino at No. 8; and Sacramento at No. 9.
Click here to download an Excel spreadsheet detailing the June foreclosure activity across the nation.