U.S. home foreclosures jumped by 55% from the previous month's year-over-year results, according to RealtyTrac's July 2008 U.S. Foreclosure Market Report.
There were 272,171 foreclosure filings in the month of July, an 8% increase from the prior month. According to RealtyTrac, one in every 464 U.S. households received a foreclosure filing.
"Bank repossessions, or REOs, continued to be the fastest growing segment of foreclosure activity in July, posting a 184 percent year-over-year increase - compared to a 53 percent year-over-year increase in default notices and an 11 percent year-over-year increase in auction notices," said James J. Saccacio, chief executive officer of RealtyTrac.
Nevada led the pack with the highest monthly foreclosure rate in July. There were 10,000 foreclosures filings in July, a 15% increase from the previous month and a 97% year-over-year increase. One in every 106 households in Nevada filed for foreclosure, the report said.
California posted the highest amount of foreclosures in July with 72,285 filings. According to the report, foreclosures in California increased by 5% from the prior month and grew by 85% from July 2007. One in every 182 households filed for foreclosure.
Florida had the third highest state foreclosure rate in the July. Foreclosures increased by 14% from the previous month as Florida households posted the second highest number of filings with 45,884.
Arizona foreclosure rates ranked fourth overall as one in every 195 households filed for foreclosure in July. There were 13,350 foreclosures reported, a 3% month-over-month increase.
The RealtyTrac Monthly U.S. Foreclosure Market Report compiles the total amount of properties with at least one foreclosure filing reported during the month. The RealtyTrac report includes properties filed in all three stages of foreclosure; default, auction and bank repossessions.
By Steve Stecyk and edited by Megan Ainscow