Home Foreclosures Up Ninety-three Percent from Last Year This Time
Figures released by RealtyTrac, an on-line marketplace for foreclosure properties, indicate that home foreclosures rose 9 percent in July from June and were up 93 percent from a year ago.
The July foreclosures totaled 179,599, according to RealtyTrack. California and Florida led the country’s foreclosure activity during July. Ohio, Michigan, and Georgia experienced a high percentage of home losses.
The increase reversed a 7 percent drop in foreclosures seen in June. July's rate of one foreclosure for every 693 households was lower than the June pace of one filing for every 704 households, the group said.
Many states that avoided the housing boom have seen a drop in home loan failures and could now be drawing investors scorched out of other markets, James Saccacio, chief executive officer of RealtyTrac, said in a statement.
"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," he said.
Published on August 21, 2007
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