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Nearly 2M Foreclosure Filings at Mid-Year

Nearly two million foreclosure filings were recorded during the first half of the year, according to the market research company ""RealtyTrac"":http://www.realtytrac.com. One in every 84 homes in the United States has received at least one foreclosure filing, the company says.
RealtyTrac released its mid-year 2009 ""U.S. Foreclosure Market Report"":http://www.realtytrac.com/ContentManagement/PressRelease.aspxxchannelid=9&ItemID=6802 Thursday, which shows a total of 1,905,723 foreclosure filings — including default notices, auction sale notices, and bank repossessions — were reported on 1,528,364 U.S. properties in the first six months of 2009. That figure represents a 9 percent increase from the previous six months and a nearly 15 percent increase from the first six months of 2008.
During the month of June alone, there were 336,173 properties with a foreclosure filing - the fourth straight month with more than 300,000, helping to boost the April through June total to the highest since RealtyTrac began issuing its report in 2005. Foreclosure filings were reported on 889,829 U.S. properties in the second quarter, up nearly 11 percent from the previous quarter and 20 percent from the second quarter of 2008.
James J. Saccacio, RealtyTrac’s CEO, noted that foreclosure activity continues to reach record levels, despite an industry-wide moratorium earlier this year, new legislative actions from local, state, and national governments, and a proliferation of loan modifications.
""Unemployment-related foreclosures account for much of this increased activity, and the high number of borrowers who find themselves owing more on their mortgages than their homes are now worth represent a potentially significant future risk,"" Saccacio said.
More than 6 percent of Nevada housing units (one in 16) received at least one foreclosure filing in the first half of 2009, giving it the nation’s highest foreclosure rate during the six-month period. A total of 68,708 Nevada properties received a foreclosure filing from January to June, an increase of 23 percent from the previous six months and an increase of 61 percent from the first half of 2008.
Arizona registered the nation’s second highest state foreclosure rate during the first half of the year, with 3.37 percent of its homes (one in 30) receiving at least one foreclosure filing.
Florida had the third highest foreclosure rate, with 3.08 percent of its housing units (one in 33) receiving at least one foreclosure filing.
Other states with foreclosure rates ranking among the nation’s 10 highest were California (2.94 percent), Utah (1.46 percent), Georgia (1.42 percent), Michigan (1.34 percent), Illinois (1.31 percent), Idaho (1.26 percent), and Colorado (1.25 percent).

About Author: Carrie Bay

Carrie Bay is a freelance writer for DS News and its sister publication MReport. She served as online editor for DSNews.com from 2008 through 2011. Prior to joining DS News and the Five Star organization, she managed public relations, marketing, and media relations initiatives for several B2B companies in the financial services, technology, and telecommunications industries. She also wrote for retail and nonprofit organizations upon graduating from Texas A&M University with degrees in journalism and English.

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