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A slow U.S. economy, poor housing sales, decreasing home values and stricter mortgage lending criteria led to over 77,000 properties getting repossessed by lenders throughout the United States in July 2008. Foreclosure filings increased from 2007 to 2008 in 42 states while Arizona, California, Florida, Georgia, Michigan, Nevada and Ohio had the highest rate of July 2008 foreclosure filings.
Foreclosure-related notices increased 8% from June 2008 to July 2008, which translated to one out of every 464 U.S. households receiving a foreclosure filing in July 2008. Moody's Economy.com predicts that approximately 2.8 million U.S. households will either face foreclosure, forfeit their homes to their lender or have to sell their properties for less than their mortgage's value by the end of 2009.Fox News: U.S. Foreclosure Filings Surge... (August 14, 2008)
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Fast Facts
- Foreclosure notices, including default notices, auction sale notices and bank repossessions, increased by 55% from July 2007 to July 2008MarketWatch: Foreclosure Activity Increases (August 14, 2008)
- July 2007: Approximately 175,000 homes across the United States received at least one foreclosure-related noticeFox News: U.S. Foreclosure Filings Surge... (August 14, 2008)
- July 2008: Over 272,000 homes across the U.S. received at least one foreclosure-related noticeFox News: U.S. Foreclosure Filings Surge... (August 14, 2008)
- July 2008: 77,000 properties were repossessed by lenders across the U.S.Fox News: U.S. Foreclosure Filings... (August 14, 2008)
- July 2008: 1 out of every 64 households received a foreclosure filing in the Cape Coral-Fort Myers metro area, the highest rate in the U.S.ABC7.com: Cape-Fort Myers July Foreclosure Rate Leads Nation (August 14, 2008)
- 2008: 4.5 million U.S. homes were listed for saleFox News: U.S. Foreclosure Filings Surge... (August 14, 2008)
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Assistance on the Way?
In June 2008, President Bush signed housing legislation that would help prevent home foreclosures by allowing homeowners to swap their current mortgages for more affordable loans. However, this would only be an option if the lender agreed to take a loss on the initial loan.Fox News: U.S. Foreclosure Filings Surge... (August 14, 2008) -
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The Mahalo Top 7
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MarketWatch: Foreclosure Activity Increases 8 Percent in July
marketwatch.com (August 14, 2008) -
Bloomberg.com: U.S. Home Sales Fall to 10-Year Low
bloomberg.com (August 14, 2008) -
ABC-7.com: Cape-Fort Myers July Foreclosure Rate Leads Nation
abc-7.com (August 14, 2008) -
DSNews.com: RealtyTrac Reports Foreclosures Up in July
dsnews.com (August 14, 2008) -
BizJournals.com: Arizona Ranks Second in July Foreclosure Fillings
bizjournals.com (August 12, 2008) -
StarBulletin.com: Isle Foreclosure Rate Up 169 Percent
starbulletin.com (August 14, 2008) -
FOXNews.com: U.S. Foreclosure Filings Surge 55 Percent in July
foxnews.com (August 14, 2008)
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MarketWatch: Foreclosure Activity Increases 8 Percent in July
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Questions and Answers About July Foreclosure Filings | View All | Ask a Question
View All July Foreclosure Filings Questions (1400) | Ask a QuestionWas your last home a foreclosure deal? (1 Answer)No, but it was real steal, unfortunately due to a divorce. We purchased it in 1999 at the bottom of the market here. I'm embarrassed to say how much it ... read moreHow much a mortgage principle reduction should a bank offer to prevent foreclosure? (1 Answer)There isn't a specific answer to this question, it depends on a few variables. The bank is going to assess how much is still owed on the mortgage, the current ... read moreAre storage units being overrun with demand caused by the increase in foreclosures? (1 Answer)I would have thought so, but Jeff at Paradise Self Storage, 808-877-1522 says that although they are getting some new business because of the economy, they are actually losing a ... read more
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