One In Every 879 US Households Is Facing Foreclosure

Posted on August 13th, 2007 by hinson

The number of households entering one or the other stage of foreclosure is on a rise. In fact, in the United States, one in every 879 households is being auctioned. The foreclosure listing is increasing month by month with July being an exception. Near about 131,574 households had to face the consequences of foreclosure, which is quite shocking. On the whole, the number of foreclosed properties is increasing, however, in the month of July; a slightly downward trend was noticed. The percentage came down from 86.5 to 85.3.

From area to area, there is disparity. On one hand, most of the areas witnessed a slight downfall in the rate of foreclosure in the month of July; while on the other hand, there are a few segments that saw a rise in the number of foreclosed homes. The rate of multi family foreclosure filings has increased from 1.7% to 2.0%. There were primarily five states that accounted for 61% of the total number of foreclosures, California being at the top. There were about 29,931 homes in California that were put on auction. As compared to the previous month, the percentage has gone up by 5%.

Florida preceded California and occupied the second position from the top. It witnessed a dramatic change in the foreclosure scene, with the number of foreclosed properties reaching 27,395, which is approximately 14% higher from what it was in the month of June. Texas had about 8,975 foreclosure filings, which indicates that one out of every 898 households is facing the consequences of foreclosure. Illinois and Nevada are also following the steps of the above mentioned states with 7,040 and 6,649 foreclosed households respectively.

The rate of foreclosure saturation was the highest in Nevada in the month of July. The estimations are suggestive of the fact that, there is approximately one foreclosure filing for every 131 houses in Nevada. Florida was at the second position in foreclosure saturation with one foreclosure filing in every 267 houses. Colorado was behind Florida by just 20. The rate of foreclosed homes in Colorado is about 1:287 households. It is evident from the statistics that some states witnessed a slight decline in the rate of foreclosed properties, while others saw a sharp rise. Out of all the locations in US, Rhode Island had the maximum number of filings. It was about 37% higher as compared to June. The foreclosure listing is primarily dominated by the single family households.

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