5 States = 55% of July Foreclosure Pie
California, Florida, Michigan, Ohio and Georgia together accounted for 55 percent of all U.S. foreclosure filings in July, according to the
RealtyTrac U.S. Foreclosure Market Report released today. The foreclosure filings tracked in the report are default notices, auction notices and bank repossessions.
California reported the most foreclosure filings of any state, with 39,013. The state's foreclosure activity was actually down a half a percent from the previous month but still up 289 percent from July 2006. California's foreclosure rate of one foreclosure filing for every 333 households slipped from third highest in June to fourth highest in July, behind foreclosure rates in Nevada, Georgia and Michigan.
Florida foreclosure activity in July decreased almost 9 percent from the previous month, but the state still reported the second most foreclosure filings and a foreclosure rate of one foreclosure filing for every 431 households — the nation's seventh highest state foreclosure rate.
Michigan, Ohio and Georgia all reported more than twice the number of foreclosure filings as they did in July 2006. A 75 percent month-over-month spike in Georgia pushed that state's foreclosure rate to second highest among the states, and Michigan's foreclosure rate came in third place thanks to a 39 percent monthly jump in foreclosure activity. Foreclosure activity in Ohio was up 12 percent from the previous month, and the state's foreclosure rate ranked sixth highest among the states.
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