Foreclosure filings up 93% this year

Aug 21, 2007 @ 1:04 pm

By Darla Mercado

Foreclosure filings across the nation jumped 9% between June and July and rose precipitously by 93% compared to the same period last year.

There were 179,599 foreclosures last month, according to RealtyTrac, a marketplace for foreclosed properties — one filing for every 693 households.

Some 43 states reported year-over-year increases in foreclosures, with Nevada leading the way: one filing for every 199 households.

Georgia, with a rate of one filing for every 299 households, and Michigan, with one filing for every 320 households, followed in second and third places, respectively.

Detroit topped the list of metro foreclosure rates, with a 70% increase in activity between June and July and a rate of 1 filing for 97 households — seven times the national average.

California, Florida and Ohio, along with Michigan and Georgia, made up nearly half of the total foreclosure filings.

Conditions are improving in some states, however.

“A few states actually reported declining foreclosure activity on a year-over-year basis,” said James J. Saccacio, CEO of RealtyTrac, in a statement.

He identified Texas, South Carolina and Utah as having slow yet consistent price appreciation over the last five years, making them attractive and affordable investments.

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