NPR logo Foreclosures Rise Again In July

Economy

Foreclosures Rise Again In July

Foreclosure actions across the nation were up 7 percent in July compared to the previous month, and rose by nearly one-third compared to a year ago, according to real estate marketplace company RealtyTrac.

The company said filings such as default notices, scheduled auctions and bank repossessions were reported on more than 360,000 U.S. properties during the month. One in every 355 U.S. housing units received a foreclosure filing in July.

"July marks the third time in the last five months where we've seen a new record set for foreclosure activity," said RealtyTrac CEO James J. Saccacio. "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."

The company said that Nevada documented the nation's highest state foreclosure rate, with 1 in 56 housing units subject to a foreclosure action. California was next with a rate of 1 in 123 housing units.

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