Foreclosure Activity Increases In July; Down from a year ago

Dennis Norman

I remember, not that long ago, when 300,000 foreclosures in a month would have seemed unreal. However, July now marks the 17th consecutive month that there have been foreclosure filings exceeding 300,000 for the month.

Other highlights from the report-

  • Foreclosure actions were scheduled for the first time on a total of 135,248 U.S. properties in July, an increase of 2 percent from the month before but a decrease of 2 percent from July 2009.
  • Foreclosures actually scheduled for auction in July were down 14 percent from their peak of 158,105 in March 2010.
  • Nevada, Arizona and Florida continue to have the highest foreclosure rates.
    • One in 82 housing units in Nevada received a foreclosure filing in July. This was an increase of nearly 7 percent from the month before but a decrease of nearly 30 percent from July 2009. Nevada has had the nation’s highest foreclosure rate for 43 straight months.
    • One in every 167 housing units in Arizona receivee a foreclosure filing in July. July marks the sixth consecutive month that Arizona saw a decrease in year-over-year foreclosure activity but it’s foreclosure rate is still more than double the national average.
    • One in every 171 housing units in Florida received a foreclosure filing in July making it the third highest rate in the nation.
  • Five states account for more than 50 percent of the nations foreclosures (number of foreclosures, not foreclosure rate):
    • California accounted for 21 percent of the nations foreclosures in July.
    • Florida, at 16 percent for July in spite of a 9 percent decrease in foreclosure activity from the year before.
    • Illinois foreclosure activity increased 33 percent from the previous month and giving the state 6 percent of the U.S. foreclosures.
    • Michigan accounted for just under 6 percent of the national total of foreclosures.

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