Foreclosures Still Up in Sun Belt, Midwest

Foreclosure filings in July, including default notices, scheduled auctions, and bank repossessions, were up 7 percent compared to June and increased 32 percent from July 2008, according to RealtyTrac.

One in every 355 U.S. housing units received a foreclosure filing in July, the third time in five months that foreclosures have reached a new high in the four years that RealTrac has been keeping records.

"Despite continued efforts by the federal government and state governments to patch together a safety net for distressed homeowners, we're seeing significant growth in both the initial notices of default and in the bank repossessions," said James J. Saccacio, CEO of RealtyTrac.

For the thirty-first consecutive month, Nevada had the nation’s highest state foreclosure rate with one in every 56 housing units receiving a filing in July. California was second with initial defaults spiking 15 percent compared to June. Other states that make up the 10 highest were: Arizona, Florida, Utah, Idaho, Georgia, Illinois, Colorado, and Oregon.

The 10 states with the highest actual foreclosures were California, Arizona, Nevada, Florida, Illinois, Texas, Georgia, Ohio, Michigan, and New Jersey.

Source: RealtyTrac (08/13/2009)