Industry News

Real estate foreclosures continue to climb

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Real estate properties in the process of foreclosure grew for the second consecutive month in July, according to data released today by RealtyTrac. The number of new properties in foreclosure rose to 78,979 in July, a 4.7 percent increase from June and the most new foreclosures reported in any month year-to-date. New foreclosures have jumped more than 12 percent in the last two months, pushing the nation's foreclosure rate to one foreclosure for every 1,465 households, according to RealtyTrac. "If the trend from the last two months continues, foreclosures may gather enough momentum to significantly impact the real estate market," said James J. Saccacio, RealtyTrac chief executive officer. "The numbers for the next few months will let us know if that's the case." Florida reported the highest number of new foreclosures of any state with 12,471, a 27.5 percent increase from the previous month, which boosted the state's foreclosure rate to one foreclosure for every 586 households. Eve...