National foreclosure activity down 4 percent in July
August 11th, 2011 4:07am
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According to RealtyTrac's most recent U.S. Foreclosure Market Report, the number of properties nationwide receiving foreclosure filings during the month was down 4 percent.The report, which tracks default notices, scheduled auctions and bank repossessions, revealed a total of 212,764 U.S. properties became distressed during July, equal to one in every 611 housing units.
"July foreclosure activity dropped 35 percent from a year ago, marking the 10th straight month of year-over-year decreases in foreclosure activity and the lowest monthly total since November 2007," said James Saccacio, chief executive officer of RealtyTrac.
Nevada led the nation in foreclosures for the 55th straight month, with one in every 115 housing units receiving a filing. California recorded the highest total of foreclosures, however, with 56,193 properties becoming distressed during the month - a 4 percent increase from June, but a 16 percent decrease from the previous year.
In Texas, 10,571 properties received a filing, equal to one in every 920 housing units. This represents a 13.22 percent increase from June 2011, but a 9.86 percent decline from the previous year. In June, foreclosures represented 18.7 percent of all property sales in the Houston real estate market, which was down from 19.8 percent during May, the Houston Association of Realtors reports.
Courtesy of 2M Realty News
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