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Tuesday, August 21, 2007

Foreclosure Activity Increases in July

by Calculated Risk on 8/21/2007 10:11:00 AM

From Bloomberg: Home Foreclosures Almost Double in July as Rates Rise

U.S. homes facing foreclosure almost doubled in July as property owners with adjustable-rate mortgages saw their payments rise, RealtyTrac Inc. said.

Lenders sent 179,599 notices of default, scheduled auctions or bank repossessions last month, a 93 percent increase from a year earlier ... California, Florida, Michigan, Ohio and Georgia accounted for more than half of the country's total filings.
California foreclosure filings totaled 39,013 in July, about triple the previous year. ... Florida ranked second with a 78 percent increase to 19,179 foreclosure filings. Michigan replaced Ohio as the state with the third highest number foreclosures: 13,979.

Nevada ranked the worst with one foreclosure filing for every 199 homes, about three times the national average.