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Shasta County Foreclosure filings in July increased slightly from previous month. There were a total of 166 Notice of Default’s filed. That number is up from the 162 filings in June 08 and is a 54% increase from this time last year.
54 % increase in Notice of Default Filings compared to July 2007!
There were a total of 108 notices filed in July ’07 and 166 notices filed in ‘08
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RealtyTrac an online marketplace for foreclosure properties, released their July 2008 U.S. Foreclosure Market Report today. Foreclosure filings, default notices, auction sale notices and bank repossessions were reported on 272,171 U.S. properties during the month, an 8 percent increase from the previous month and a 55 percent increase from July 2007. The report also shows one in every 464 U.S. households received a foreclosure filing during the month.
“Bank repossessions, or REOs, continued to be the fastest growing segment of foreclosure activity in July, posting a 184 percent year-over-year increase compared to a 53 percent year-over-year increase in default notices and an 11 percent year-over-year increase in auction notices,” said James J. Saccacio, chief executive officer of RealtyTrac. “The sharp rise in REOs, combined with slow sales, has resulted in a bloated inventory of bank-owned properties for sale. RealtyTrac now has more than three quarters of a million properties in its active REO database, a number that represents approximately 17 percent of the inventory of existing homes for sale reported in June by the National Association of Realtors.”
Nevada, California, Florida post top state foreclosure rates.
Nevada continued to document the nation’s highest state foreclosure rate in July, with one in every 106 households receiving a foreclosure filing during the month. Foreclosure activity in Nevada was up 15 percent from the previous month and 97 percent from July 2007, pushing the total number of properties with foreclosure filings to over 10,000. Bank repossessions in Nevada were up 384 percent on a year-over-year basis, while default notices were up 59 percent and auction notices were up 31 percent.
One in every 182 California properties received a foreclosure filing in July, the nation’s second highest state foreclosure rate, while one in every 186 Florida properties received a foreclosure filing, the nation’s third highest state foreclosure rate.
RealtyTrac’s full report click here.
|
New |
Active |
Sold |
Months |
|
|
July |
424 |
1961 |
167 |
11.74 |
|
July |
517 |
2227 |
188 |
11.85 |
|
July |
590 |
1991 |
216 |
9.22 |
The year over year comparison looks pretty good with the exception of sold listings, that is to be expected given our current market conditions. The new listing numbers are down quite a bit and this is helping keep the active homes for sale at a healthy number.
