Foreclosures reached the highest level on record in June as foreclosure filings rose for the fourth month in a row, according to the latest RealtyTrac foreclosure report. Notices of default, auction sale notices and bank repossessions were reported on more than 1.5-million properties in the first half of the year.
Some 1,528,364 properties received notices in the first six months of 2009, accounting for a 9% increase above the second half of 2008. The report, which is issued monthly also shows that 1.19% of all housing units or 1 in 84 received at least one foreclosure filing.
Foreclosure filings were made on 336,173 properties in June alone, the fourth consecutive month that notices topped 300,000. Notices were filed on 889,829 properties in the second quarter, representing an increase of nearly 11% from the previous quarter and a 20% increase from the second quarter of 2008.
“In spite of the industry-wide moratorium earlier this year, along with local, state and national legislative action and increased levels of loan modification activity, foreclosure activity continues to increase to record levels,” said RealtyTrac CEO James Saccacio.
More than 6% of Nevada housing units (one in 16) received at least one foreclosure filing in the first half of 2009, giving Nevada the nation’s highest foreclosure rate. A total of 68,708 Nevada properties received a foreclosure filing from January to June, an increase of 23% from the previous six months and an increase of 61% from the first half of 2008.
Job lay-offs in gaming, restaurants and construction account for an increasing number of foreclosures in Las Vegas, where the unemployment rate has climbed to 11.1%.
“Unemployment related foreclosures account for much of this increased activity, and the high number of borrowers who find themselves owing more on their mortgages than their homes’ are now worth represent a potentially significant future risk,” according to Saccacio.
Arizona registered the nation’s second highest state foreclosure rate in the first half of 2009, with 3.37% of its housing units (one in 30) receiving at least one foreclosure filing, and Florida registered the nation’s third highest state foreclosure rate with 3.08% of housing (one in 33) receiving at least one filing.
In California, 391,611 properties received a foreclosure filing in the first half of the year, the nation’s highest total and 2.94% of the state’s housing units (one in 34) the nation’s fourth highest state foreclosure rate. California foreclosure activity in the first half of 2009 increased nearly 14% from the prior six months and increased almost 15% from the first half of 2008.
With 268,064 properties receiving a foreclosure filing in the first six months of 2009, Florida accounted for the second highest total. Florida foreclosure activity in the first half of 2009 increased 7% from the previous six months and was up nearly 42% from the first half of 2008.
Some 89,799 properties in Arizona receiving a foreclosure filing in the first six months of 2009, account for the third highest total. Arizona foreclosure activity in the first half of the year rose 13% from the previous six months and was up nearly 55% from the first half of 2008.
Other states with foreclosure rates ranking among the nation’s 10 highest include Utah, 1.46%, Georgia, 1.42%, Michigan, 1.34%, Illinois, 1.31%, Idaho, 1.26% and Colorado, 1.25%.