Colorado Experiences a Fall In foreclosures In July
August 14th, 2009
Colorado, in the month of July experienced a drastic fall in the number of foreclosures. As per the observations of the RealtyTrac Inc., despite this Colorado managed to hold it position at No. 9 in the list of filings in the country regarding foreclosures.
In the month of June, Colorado was at the 10th position concerning the filings of foreclosures. Going by the observations of RealtyTrac which is a marketer of foreclosed properties based in Irvine, Calif, on the whole 5,488 homes in Colorado had reached the stage where they had to go through the process of foreclosures in the month of July.
The figure of the foreclosures in Colorado in the month of July fell by 4.12% compared to the figures of the previous month. However, compared to last year’s record of July this year’s July records featured a 2.08% increased according to the reports of the RealtyTrac
Nevada had the highest rate of foreclosures in the country for 31 consecutive months. In the month of July Nevada featured approx 1 out of every 56 houses which received filings for foreclosures. In fact, in the previous month there were 19,535 homes which got filings for foreclosures.
As per the observations of RealtyTrac, California received approx 108,104 filings for foreclosures while Florida got foreclosure filings rising to 56,486 and Arizona received 19,694 foreclosure filings including Nevada which was responsible for almost 57% of the foreclosures that amounts to at least more than half of the foreclosures in the country amounting to 360,149 foreclosures in the month of July.
In the month of July the record of U.S. foreclosure created another record. Though the attempts by the federal and state government the distressed homeowners and borrowers could not be protected much from the clutches of foreclosure procedures and in the last month the number of foreclosures increased from 7% from the month of June and compared to July 2008 this figure showed a mammoth 32% hike.
According to the RealtyTrac’s CEO,James Saccacio, “July marks the third time in the last five months where we’ve seen a new record set for foreclosure activity. … We’re seeing significant growth in both initial notices of default and in bank repossessions.”
With approx 1 in every 47 houses Las Vegas featured as the state with the highest number of foreclosures in the month of July. The Californian metros like Riverside-San Bernardino-Ontario, Bakersfield, Modesto, Merced, Vallejo-Fairfield and the Sacramento area, where among the top rankers alone in the country. Texas, Georgia, Ohio, Michigan and New Jersey are the other states with high rate of foreclosures.