Nationally, one of every 693 households had filings reported in July. A study indicates that even this number may be low.
LOS ANGELES – The number of foreclosure filings reported in the United States jumped 93 percent last month from July 2006 and rose 9 percent from June, the latest sign that homeowners are having trouble making payments and finding buyers during the national housing downturn.
There were 179,599 foreclosure filings reported during July, up from 92,845 during the same period a year-ago, RealtyTrac Inc. said Tuesday.
There were 164,644 foreclosure filings reported in June.
The national foreclosure rate in July was one filing for every 693 households, the Irvine, Calif.-based firm said.
During the first six months of the year, the Twin Cities metro area ranked 75th among the top 100 metropolitan statistical areas, with 5,270 foreclosure filings — or one for every 245 households. That was a 60- percent increase from the last half of 2006, RealtyTrac said.
According to a study released earlier this month by HousingLink, a Minneapolis-based research organization, the foreclosure problem statewide in Minnesota last year was almost twice as bad as previously estimated by RealtyTrac. The HousingLink survey found that there were 11,207 foreclosures statewide in 2006, nearly double the 5,995 that RealtyTrak had reported for Minnesota.
In the study released Tuesday, “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 RealtyTrac Chief Executive James Saccacio.
The filings include default notices, auction sale notices and bank repossessions.
Some properties included in the survey might have received more than one notice if the owners have multiple mortgages.
6 months, 573,397 properties
The agency did break out individual properties as part of its report for the first six months of this year, when a total of 573,397 properties reported some sort of foreclosure activity.
That represents a 58 percent jump from the 363,672 properties in the first six months of 2006 and a 32 percent increase from the 433,504 in the last six months of 2006, the firm said.
In the July report, Nevada, Georgia and Michigan had the highest foreclosure rates nationwide. Nevada posted the highest rate: one filing for every 199 households, or more than three times the national average. Georgia’s rate was more than twice the national average, with one filing for every 299 households.
Michigan numbers spike
Michigan reported 13,979 filings in July, a 39 percent spike from June.
California, Florida and Ohio were among the states with the highest number of foreclosure filings in July, RealtyTrac said.
In recent months, the mortgage industry has been battered by rising defaults and foreclosures, primarily driven by borrowers with subprime loans and adjustable rate mortgages.
Lagging home sales and flat or decreasing home prices have made it more difficult for homeowners who fall behind on payments to sell their homes and clear the debt, spurring the rise in foreclosure activity.
Star Tribune staff writer Jim Buchta contributed to this report.
