Foreclosures Increase By 55 Percent In A Year

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 mortgage payments.

Which states have the most foreclosures? Nevada, California and Florida. Arizona holds fourth place.

In Nevada, one in every 106 properties received a foreclosure 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.