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July Foreclosures Up 9 Percent From June

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July Foreclosures Up 9 Percent From June

Postby Tumbleweed on Tue Aug 21, 2007 8:36 pm

It seems forclosures are seeing a steep increase.

LOS ANGELES (AP) -- The number of foreclosure filings reported in the U.S. last month jumped 93 percent from July of 2006 and rose 9 percent from June, the latest sign that homeowners are having trouble making payments and finding buyers during the national housing downturn.

There were 179,599 foreclosure filings reported during July, up from 92,845 during the same period a year ago, Irvine-based RealtyTrac Inc. said Tuesday. There were 164,644 foreclosure filings reported in June.

The national foreclosure rate in July was one filing for every 693 households, the company said.

"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," RealtyTrac Chief Executive James J. Saccacio said.

The filings include default notices, auction sale notices and bank repossessions.

Some properties included in the survey might have received more than one notice, if the owners have multiple mortgages.

The company did break out individual properties as part of its report for the first six months of this year, when a total of 573,397 properties reported some sort of foreclosure activity.

That represents a 58 percent jump from the 363,672 properties in the first six months of 2006 and a 32 percent increase from the 433,504 in the last six months of 2006, the firm said.


Source
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Postby CHUQ on Wed Aug 22, 2007 4:44 am

I look for the prime rate to go down next month, be caus rthese types of stories will scare investors. The Fed will do what it has to to calm the markets.
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