Except For Central Valley Foreclosure Numbers Fall

July 13th, 2007 | Tags: Foreclosures

The entire nation has been agog with alarming rise in foreclosure numbers leading to countless being dispossessed leading to socio-economic problems. Also property rates were nose-diving. But compared to May the foreclosure numbers nationwide has fallen in June by 7%. It is still nearly double of what it was last year. This means it is up by 87%. The national figures for June are one foreclosure of every 704 households in USA. 164,644 filings inclusive of all stages have been made (notices pertaining to default, auction sales and repossession by banks). Foreclosure activity has recorded a 2% dip month-over-month. This is according to the information given out by RealtyTrac Inc and Irvine based data collecting company.

California ranks second coming after Nevada. In California one out of every 315 household has gone into foreclosure in June. It means 2.2 times over the national average. 38,801 foreclosures were listed – the highest for any state during a span of six months. It is treble the figures of June 2006.

Central Valley however tops the lead in foreclosures. Here the situation is still grim.

Of the nation’s top 10 metropolitan foreclosures, 6 were from Californian cities. Of these the top four were Stockton, Merced, Modesto and Riverside San Bernardino. These four recorded foreclosure numbers to be five times more than the average of the entire country. Other cities belonging to the top 10 were Vallejo-Fairfield (7^th rank) and Sacramento (8^th rank).

In May foreclosures had reached a 30-month peak. The drop covered a broad area including 33 states reporting month-over-month decreases. Even then the figures were alarming compared to the numbers of the previous year.

The picture in Nevada is one for 175 households being listed for foreclosure – which is four times the national average and highest among the states for six months. In one month 4,722 foreclosures had been filed which noted a 10% decrease from May but more then treble the number during the same period last year.

Colorado dropped from the second highest offender to the third in June. This was because of a spaced out 10% decrease during the months. 5,705 foreclosures were reported in the sate – this meant one for every 317 household. Even then the figures are double that of the national average.

Florida, Arizona, Ohio, Michigan, Georgia, Connecticut and Indiana are among the nation’s top ten states ranking high in foreclosure listings.