RealtyTrac reports today that the number of foreclosures increased by 55 percent in July, as compared to one year earlier.
Foreclosures rose by 8 percent from June 2008.
Banks foreclose on properties when home owners fail to make mortgageA Mortgage is a document granting a lien on a home in exchange for financing granted by a lender. The mortgage is the means by which the lender secures the loan and has the ability to foreclose on the home. payments.
Which states have the most foreclosures? Nevada, California and Florida. Arizona holds fourth place.
In Nevada, one in every 106 properties received a foreclosureForeclosure is the legal action taken to extinguish a home owner's right and interestInterest is money charged for the use of borrowed funds. Usually expressed as an interest rate, it is the percentage of the total loan charged annually for the use of the funds. in a property, so that the property can be sold in a foreclosure sale to satisfy a debt. notice. In California, it’s one in every 182 properties. NPR reported this morning that Riverside and San Bernardino were especially hard hit.
In Florida, one in every 186 properties was foreclosed and in Arizona it’s one in every 195.
Nationwide, the Cape Coral-Fort Myers, Fla., area posted the highest rate among the 230 metro areas that RealtyTrac monitored.
Aug. 14, 2008.