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U.S. Foreclosures Up 7% in July

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By Neetal Parekh on August 14, 2009 1:47 PM

Home foreclosures for July 2009 numbered 360,149, a 7% increase from June and 32% increase from July 2008.  The report comes from RealtyTrac, an online marketplace for foreclosure properties.  The report also showed that one out of every 355 housing units in the U.S. was on the receiving end of a foreclosure filing in July.

Which states topped the home foreclosure list?

Nevada, California, and Arizona find themselves the unsuspecting 1, 2, and 3 in the foreclosure running.  Nevada had the highest national foreclosure rate, more than 6 times the national average and experienced a 4% increase from the previous month.  California was #2 in national foreclosures for a second month, at nearly 3 times the national average.  Arizona rounded out the top three, with a foreclosure rate of 2.5 times the national average. 

Other states with high foreclosure rates included Florida, Utah, Idaho, Georgia, Illinois, Colorado, and Oregon.

Are there resources are available to a homeowner to prevent foreclosure?

Absolutely.  No one facing home foreclosure in this economy is alone and resources are abound--ranging from government assistance, loan modification programs, and various counseling and guidance services.

Here are a few resources to get you started:

  • Foreclosure FAQ : Will my bank negotiate with me or lower my rate so I can avoid foreclosure?  Can I sell my house for less than I owe on my mortgage (short sale)?  Can bankruptcy stop foreclosure?  What happens to renters when a property is foreclosed on?  Are there foreclosure protections for military personnel? Find out answers to these questions and more.
  • 10 Tips to Avoid Foreclosure: Don't ignore the problem; Contact your lender as soon as you realize you have a problem; Open and respond to all mail from your lender; Know your mortgage rights; Understand foreclosure rights...read this important advice to keep you in your home.
  • If You are Behind on Your Mortgage Payments: Talk to your loan officer about reinstatement, forming a repayment plan, forebearance, loan modification, selling your home, and declaring bankruptcy.  Read the article to learn about these options.

 

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