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| Foreclosures Surge |
| Written by Jonathan Smoke | |
| 08.21.2007 | |
Discuss this article on the forums. (0 posts) The housing news today was punctuated by RealtyTrac’s latest report on foreclosure activity in July. According to the report, foreclosure activity nearly doubled in July compared to the same month last year, to a rate of one foreclosure filing for every 693 U.S. households.“While 43 states experienced year-over-year increases in foreclosure activity, just five states — California, Florida, Michigan, Ohio and Georgia — accounted for more than half of the nation’s total foreclosure filings,” said James J. Saccacio, chief executive officer of RealtyTrac. “Meanwhile, a few states actually reported declining foreclosure activity on a year-over-year basis. Some of these states could be benefiting from increased interest from real estate investors who have pulled out of more volatile markets where home price appreciation seems to have hit its peak for the time being. In contrast, states like Texas, South Carolina and Utah have seen slow but steady price appreciation over the past five years, making them much more attractive and affordable.”
It is difficult to draw conclusions by comparing states on the raw totals or even the per household statistics as foreclosure procedures vary by state. For example, some states such as Georgia, are recognized as being easier to initiate foreclosure proceedings. But looking at percentage increases over prior periods should be relevant indicators that the conditions in the individual states are deteriorating. 
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