Foreclosures Continue Uptick As Banks
Reel Under Huge Inventories
Nationwide, more than 272,000 homes received at least one
foreclosure-related notice in July, up 55% from about 175,000 in the
same month last year and up 8% from June, RealtyTrac Inc. disclosed.
That means one (1) in every 464 U.S. households received a
foreclosure filing last month.
Irvine (CA)-based RealtyTrac monitors default notices, auction sale
notices and bank repossessions. More than 77,000 properties were
repossessed by lenders nationwide in July, the company noted. The
highest foreclosure rates were in Nevada, California, Florida,
Arizona, Ohio, Georgia and Michigan. Foreclosure filings increased
from a year earlier in all but eight states.
The combination of weak housing sales, falling home values, tighter
mortgage-lending criteria and a slowing U.S. economy has left
financially strapped homeowners with few options for avoiding
foreclosure. Many can�t find buyers or owe more than their home is
worth, and thus can�t refinance into an affordable loan.
As foreclosures soar, banks and mortgage investors are also facing a
pileup of foreclosed properties on their books and are cutting