JULY 2008 W2 ALERT
Home Foreclosures Increase 53%
<Reuters><July 10, 2008>Reuters is reporting that RealtyTrac, a real estate data company, has data indicating that home foreclosures were up 53% in June and are expected to continue to rise in the near future. According to the RealtyTrac data, 39 states registered foreclosure filing increases with California, Nevada, Arizona, and Florida showing the highest rates.
Nine of the top ten metros with increased foreclosures were either in California or Florida. Nevada had the highest state rate with 1 in every 122 households in foreclosure.
“June was the second straight month with more than a quarter million properties nationwide receiving foreclosure filings,” said James J Saccacio, chief executive officer of RealtyTrac. “We have not yet reached the top of this foreclosure cycle.”
The June rate was down 3% from the rate registered in May although RealtyTrac suggested that with May being the highest monthly foreclosure rate ever, some fall-off was bound to occur. Their data does not indicate a decreasing trend at this point.
RealtyTrac is forecasting that foreclosures will continue to climb until the end of 2008 or the beginning of 2009 before they can begin to decline.
(Photo: Reuters)