The number of homeowners stung by the slumping housing market jumped last month as foreclosure filings were 55% higher than a year ago, according to data released Thursday.
Nationwide, more than 272,000 homes received at least one foreclosure-related notice in July, up from about 175,000 in the same month last year and up 8% from June, RealtyTrac said. That means one in every 464 U.S. households received a foreclosure filing last month.
RealtyTrac, based in Irvine, Calif., monitors default notices, auction sale notices and bank repossessions. More than 77,000 properties were repossessed by lenders in July, the company said. If your ready for a change email us.
Nevada, California, Florida, Arizona, Ohio, Georgia and Michigan had the highest foreclosure rates. Foreclosure filings increased from a year earlier in all but eight states.
The combination of weak home sales, falling home values, tighter mortgage lending criteria and a slowing economy has left financially strapped homeowners with few options to avoid foreclosure. Many can't find buyers or owe more than their home is worth and can't refinance into an affordable loan. Alan Zibel, AP Business Writer
If you know of someone needing housing assistance. Call us at 786-222-8283.
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