RealtyTrac: Initial defaults (NOD) in California spiked 15 percent from the previous month
California Housing Crash, Florida Housing Crash, The Economy, Real Estate August 13th, 2009
The foreclosure mess continues….
Here is the RealtyTrac news release
IRVINE, Calif. — August 13, 2009 — RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its July 2009 U.S. Foreclosure Market Report™, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 360,149 U.S. properties during the month, an increase of nearly 7 percent from the previous month and an increase of 32 percent from July 2008. The report also shows that 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,” noted James J. Saccacio, chief executive officer of RealtyTrac. “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.”
Initial defaults (NOD) in California spiked 15 percent from the previous month, and the state registered the nation’s second highest state foreclosure rate for the third month in a row. One in every 123 California housing units received a foreclosure filing in July, nearly three times the national average. Scheduled auctions (NTS) in California were down 1 percent from the previous month, but bank repossessions (REO) were up 4 percent — leaving overall foreclosure activity up nearly 7 percent on a month-over-month basis.
