Foreclosure Weather Worsens In July

August 23rd, 2007 | Tags: Foreclosure

It was nearly a 100% high-jump feat (93% to be precise) in foreclosure listings across USA from July last year. July 2007 registered a rise of 9% against June of the same year. 179,599 foreclosures were listed showing a climb of 92,845 during the same period a year ago. In June 164,644 foreclosures have been listed. The ratio nationally is 1:693. Nothing could be more indicative of owner’s woes as regards making payments and finding buyers.

There have been year-by-year rises in foreclosures 43 states. Of these only five states bore the brunt of the ignominy – California, Florida, Michigan, Ohio and Georgia. They accounted for half of the filings. The filings are inclusive of default and sale notices as well bank repossessions. It should be taken into account that the same property might be served more than one notice if it is saddled with multiple mortgages. However break ups of individual units have been listed by the tracking firm.

The latest report covers the first half of this year with 573, 397 houses (as against 363,672 units in the previous year) being in the fray. It speaks of a 58% rise from the first six months and 32% high from the last six months of 2006 respectively.

Nevada, Georgia and Michigan were the worst affected regions from the bad foreclosure weather. Nevada topped with 1:199 – more than treble the national rate with an 8% jump from June. Georgia’s rate was double the national average with 1:299 – up by 75% from June. Michigan hopped up by 39% from June.

California, Florida and Ohio are some of others battered by the reigning raging foreclosure storm. Amongst the top metropolitan cities California continued to rank first. It was a rise of 1% because already the picture here had been pretty grim. Last month 39,013 foreclosures had been listed making it a topper as regards numbers from any one single state. The state figure was 1:333.

On the sunny side Florida’s numbers dropped by 9% from June to July this year. But compared to last year it records a 78% high jump.

Recently the mortgage industry has become trapped in the mire of increasing defaults and foreclosures because of the mess in the sub-prime markets. With real estate prices falling it becomes more difficult for borrowers to sell off their and repay off loans. So more are being sucked into the quicksand.

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