Industry NewsMortgage

Foreclosure filings up again in June

RealtyTrac says unemployment driving much of increase

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Foreclosure-related filings rose 4.6 percent from May to June, data aggregator RealtyTrac said today, and the 889,829 filings for the second quarter represented a 20 percent increase over the same quarter a year ago.Unemployment-related foreclosures accounted for much of the increased activity, and the high number of borrowers who find themselves underwater -- owing more on their mortgages than their homes are worth -- represent a potentially significant future risk, said RealtyTrac Chief Executive Officer James Saccacio in a press release.Looking back at the first six months of 2009, the states with the highest rate of foreclosure-related filings were Nevada (one filing for every 16 homes), Arizona (one in 30), Florida (one in 33), California (one in 34), Utah (one in 69), Georgia (one in 70), Michigan (one in 74), Illinois (one in 76), Idaho (one in 79) and Colorado (one in 80).RealtyTrac monitors public records to track when homes are subjected to a notice of default, auction notice...