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Foreclosures Set New Records in August
One of 165 Households
Foreclosed In Nevada; Other States not far behind
10/4/2007
RealtyTrac, a leading online marketplace for foreclosure properties
 , recently released its August 2007 U.S.
Foreclosure Market Report, which shows a total of 243,947
foreclosure filings
foreclosure filings were reported during the month, up 36 percent
from the previous month and up 115 percent from August 2006. This is
the highest number of foreclosure filings in a single month that
RealtyTrac has reported since it began issuing the monthly report in
January 2005. The national foreclosure rate of one foreclosure
filing for every 510 households for the month is also the highest
figure ever issued in the report.
“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,” said James Saccacio, RealtyTrac's
chief-executive-officer. “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.”
Nevada continued to register the nation’s highest state
foreclosure rate, one foreclosure filing for every 165 households —
more than three times the national average. The state reported 6,197
foreclosure filings during the month, a 21 percent increase from the
previous month and more than triple the number reported in August
2006.
California’s foreclosure rate jumped to second highest among the
states thanks to a 48 percent month-over-month spike in foreclosure
activity. The state reported 57,875 foreclosure filings during the
month, a foreclosure rate of one foreclosure filing for every 224
households — more than twice the national average.
Florida foreclosure activity jumped 77 percent from the previous
month, boosting the state’s foreclosure rate from seventh highest to
third highest among the states. The state reported 33,932
foreclosure filings, a foreclosure rate of one foreclosure filing
for every 243 households.
Other states with foreclosure rates ranking among the nation’s 10
highest were Georgia, Ohio, Michigan, Arizona, Colorado, Texas and
Indiana.
Seven of the top 10 states in terms of total foreclosure filings
in August were located in the Sun Belt, and three of the top 10
states were in the Rust Belt. After California and Florida, Ohio
registered the third highest state total with 17,793 foreclosure
filings during the month. The state documented a foreclosure rate of
one foreclosure filing for every 281 households, fifth highest in
the nation.
Texas, Michigan and Georgia all reported more than 10,000
foreclosure filings for the month, documenting the fourth, fifth and
sixth highest state foreclosure totals respectively, followed by
Arizona, Colorado, Illinois and Nevada.
When examining metropolitan areas, California cities once again
accounted for six of the top 10 metro foreclosure rates in August
with the top three spots all taken by California cities. Modesto
documented the nation’s highest metro foreclosure rate, one
foreclosure filing for every 79 households, followed by Stockton and
Merced.
Detroit posted a foreclosure rate of one foreclosure filing for
every 87 households, the nation’s fourth highest metro foreclosure
rate and more than five times the national average. Fort Lauderdale,
Florida, Las Vegas and Cleveland, Ohio, ranked eighth, ninth and
tenth, respectively. | 