New York City, New York (WiredPRNews.com) — According to the RealtyTrac report released on July 10, 2008, the number of properties which are being subjected to foreclosure fell 3.4% throughout the nation from May-June due to improvements in California and Nevada with the highest foreclosure filing rate.
The report said that 253,363 houses were subjected to be filed in June which represented a 53.3% increase since last year. The bank-repossessed houses were up 171% from last year to 71,563, as compared to a 38% gain in notices and 22% in auction notices since last year.
One of the reasons for this increase in repossessed houses is that the foreclosure process can take many months to work out. Filings do not result in foreclosing because borrowers can refinance the loans and lenders can sometimes approve short sales or make loan modifications.
The increase in the number of properties to be foreclosed every year indicates the situation is not yet on the top of the foreclosure cycle. Nevada has the maximum rate of filings in the country which equals to 1 out of every 122 houses. California holds the second rank for such a situation. The third place is Arizona where the rate remained stable. Other states with high foreclosure rates include Florida, Ohio, Michigan, Colorado, Indiana, Utah and Georgia.
As far as raw numbers are concerned, Florida, California and Ohio have the highest number of filings, along with other states including Arizona, Texas, Michigan, Georgia, Illinois, New York and Nevada. Seven out of the 10 areas with highest foreclosure rates of filings were located in California which included Merced, Modesto and Stockton.
WiredPRNews.com – Real Estate News