Foreclosures Up 9% in July, California, Florida, Michigan, Ohio and Georgia Hit Hard

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Irvine, California - A non-governmental forclosure analysis report for July 2007 shows a total of 179,599 foreclosure filings -- default notices, auction sale notices and bank repossessions -- were reported during the month, up 9 percent from the previous month and up 93 percent from July 2006. The report also shows a national foreclosure rate of one foreclosure filing for every 693 households for the month.

IRVINE, Calif. - A non-governmental forclosure analysis report for July 2007 shows a total of 179,599 foreclosure filings -- default notices, auction sale notices and bank repossessions -- were reported during the month, up 9 percent from the previous month and up 93 percent from July 2006. The report also shows a national foreclosure rate of one foreclosure filing for every 693 households for the month.


The report was done by RealtyTrac, a company that publishes a national database of foreclosure and bank-owned properties, with over 1 million properties from nearly 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal's Real Estate Journal.


"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. "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, Georgia, Michigan post top foreclosure rates


Nevada documented the nation's highest state foreclosure rate for the seventh month in a row, one foreclosure filing for every 199 households -- more than three times the national average. The state reported a total of 5,116 foreclosure filings during the month, up 8 percent from the previous month and up 215 percent from July 2006.


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Georgia's foreclosure rate leapfrogged from eighth highest in June to second highest in July thanks to a 75 percent increase in foreclosure activity from the previous month. The state reported 12,602 foreclosure filings, a 168 percent increase from July 2006 and a foreclosure rate of one foreclosure filing for every 299 households -- 2.3 times the national average.


Michigan's foreclosure rate of one foreclosure filing for every 320 households ranked third highest among the states in July, up from seventh highest in June. The state reported 13,979 foreclosure filings during the month, a 39 percent month-over-month increase and a 130 percent year-over-year increase.


Other states with foreclosure rates ranking among the nation's 10 highest in July were California, Colorado, Ohio, Florida, Arizona, Massachusetts and Indiana.


California, Florida, Michigan document largest foreclosure totals


California reported 39,013 foreclosure filings in July, the most of any state for the seventh month in a row and up 289 percent from July 2006. The state's foreclosure activity was up less than 1 percent from the previous month, helping its foreclosure rate -- one foreclosure filing for every 333 households -- slip from second highest to fourth highest among the states.


Despite a 9 percent drop in foreclosure activity over the previous month, Florida continued to document the nation's second highest number of foreclosure filings in July. The state reported 19,179 foreclosure filings during the month, still up 78 percent from July 2006 and a foreclosure rate of one foreclosure filing for every 431 households -- seventh highest among the states and 1.6 times the national average.


Michigan replaced Ohio as the state with the third highest number of foreclosure filings, and Ohio dropped to the No. 4 spot despite reporting a 12 percent month-over-month increase in foreclosure activity in July.


Other states with foreclosure filing totals among the nation's 10 highest in July were Georgia, Texas, Colorado, Arizona, Illinois and Nevada.


Detroit tops list of metro foreclosure rates


Detroit posted a 70 percent month-over-month increase in foreclosure activity in July, pushing the city's foreclosure rate to one foreclosure filing for every 97 households -- more than seven times the national average and highest among 229 metro areas tracked in the RealtyTrac report. The city reported a total of 8,683 foreclosure filings during the month.


Six California metropolitan areas reported 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


Other cities with foreclosure rates among the 10 highest were Las Vegas at No. 6, Atlanta at No. 7, and Greeley, Colo., at No. 10.


The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of foreclosure filings -- both nationwide and by state -- over the preceding month. Data is also available at the individual county level. RealtyTrac's report includes documents filed in all three phases of foreclosure: Default -- Notice of Default (NOD) and Lis Pendens (LIS); Auction -- Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank).


U.S. Foreclosure Market Statistics by State - July 2007


Rate


Rank State Name NOD NTS NFS LIS REO


-- U.S. 36,741 57,327 23,136 35,553 26,842


38 Alabama 1 379 0 0 119


36 Alaska 0 80 0 0 5


8 Arizona 10 5,138 0 0 725


17 Arkansas 20 861 0 0 163


4 California 27,071 7,498 0 0 4,444


5 Colorado 59 5,261 0 0 600


11 Connecticut 0 129 1873 116


39 Delaware 0 0 27 2 55


District of Columbia 0 6 0 0 1


7 Florida 9 87 3,449 14,828 806


2 Georgia 19 11,122 0 0 1,461


45 Hawaii 1 81 0 0 3


19 Idaho 206 200 0 0 17


15 Illinois 1 153 605 4,243 528


10 Indiana 4 36 2,332 1,024 1,079


28 Iowa 21 394 0 0 206


32 Kansas 0 9 284 137 0


33 Kentucky 3 18 345 102 176


37 Louisiana 0 4 470 25 58


43 Maine 32 92 0 0 1


16 Maryland 0 4 1,432 637 141


9 Mass. 0 0 3076 1337 220


3 Michigan 2,293 6,947 0 0 4,739


29 Minnesota 20 855 0 0 172


46 Mississippi 3 134 0 0 31


18 Missouri 354 987 0 0 692


42 Montana 6 74 0 0 4


35 Nebraska 0 6 200 6 37


1 Nevada 3,367 1,064 0 0 685


34 New Hampshire 2 87 0 0 109


14 New Jersey 2 4 1,123 2,813 215


44 New Mexico 0 0 6 112 29


25 New York 1 12 804 3,131 322


27 North Carolina 1,221 165 0 0 513


49 North Dakota 0 0 3 1 22


6 Ohio 10 89 5,961 4,197 3,059


22 Oklahoma 177 515 0 0 207


30 Oregon 404 246 0 0 19


24 Pennsylvania 2 12 2,408 374 194


31 Rhode Island 1 167


40 South Carolina 0 26 109 50 227


48 South Dakota 0 0 29 0 1


13 Tennessee 687 2,293 0 0 546


12 Texas 261 8,670 0 0 3,510


23 Utah 117 334 0 0 34


50 Vermont 6 3 0 0 0


21 Virginia 332 1,421 0 0 206


20 Washington 16 1,630 0 0 125


47 West Virginia 0 94 0 0 0


26 Wisconsin 0 36 344 661 206


41 Wyoming 2 33 0 0 14


1 for %Change %Change


Rate every from from


Rank State Name Total #HH Jun 07 Jul 06


-- U.S. 179,599 693 9.08 93.44


38 Alabama 499 4,173 -21.54 62.54


36 Alaska 85 3,226 7.59 2.41


8 Arizona 5,873 433 2.84 189.31


17 Arkansas 1,044 1,196 -15.40 47.88


4 California 39,013 333 0.55 289.16


5 Colorado 5,920 347 3.77 55.38


11 Connecticut 2118 672 -11.23 104.05*


39 Delaware 84 4,463 -15.15 21.74


District of Columbia 7 39,682 -58.82 133.33*


7 Florida 19,179 431 -8.82 78.29


2 Georgia 12,602 299 75.25 167.73


45 Hawaii 85 5,777 -24.78 60.38*


19 Idaho 423 1,408 -23.92 82.33


15 Illinois 5,530 930 -3.91 10.20


10 Indiana 4,475 609 8.83 34.59


28 Iowa 621 2,105 35.89 283.33*


32 Kansas 430 2,782 18.46 5.39


33 Kentucky 644 2,897 -20.00 19.70


37 Louisiana 557 3,484 -21.22 90.10


43 Maine 125 5,470 -26.90 1462.50*


16 Maryland 2,214 1,027 1.00 575.00


9 Mass. 4,633 580 48.64 386.66


3 Michigan 13,979 320 38.52 130.30


29 Minnesota 1,047 2,151 8.27 145.20*


46 Mississippi 168 7,354 -22.22 93.10


18 Missouri 2,033 1,275 5.01 54.02


42 Montana 84 5,099 12.00 25.37


35 Nebraska 249 3,080 60.65 99.20


1 Nevada 5,116 199 8.34 214.64


34 New Hampshire 198 2,946 -53.85 1137.50*


14 New Jersey 4,157 828 -12.81 52.55


44 New Mexico 147 5,705 -17.42 -26.87


25 New York 4,270 1,839 -3.24 22.56


27 North Carolina 1,899 2,075 -2.26 12.10


49 North Dakota 26 11,710 -38.10 136.36


6 Ohio 13,316 376 12.10 142.73


22 Oklahoma 899 1,767 17.67 -34.38


30 Oregon 669 2,329 -23.98 10.95


24 Pennsylvania 2,990 1,813 32.42 0.50


31 Rhode Island 168 2,666 -40.85 -18.84


40 South Carolina 412 4,679 4.04 -6.15


48 South Dakota 30 11,598 -11.76 42.86


13 Tennessee 3,526 748 5.29 48.59


12 Texas 12,441 726 45.94 -5.05


23 Utah 485 1,800 -22.28 -58.37


50 Vermont 9 34,149 12.50 350.00


21 Virginia 1,959 1,621 13.17 303.09


20 Washington 1,771 1,497 8.92 48.95


47 West Virginia 94 9,279 -38.16 -9.62


26 Wisconsin 1,247 2,004 34.52 116.87


41 Wyoming 49 4,811 68.97 16.67


* Actual increase may not be as high due to expanded data coverage in


this state.