Industry News

Real estate foreclosures rise 18% nationwide

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RealtyTrac, a marketplace for foreclosure properties, reported an 18 percent increase in properties entering some stage of foreclosure in July compared to July 2005. The company also reported a 5 percent increase in foreclosure activity from June to July. The July 2006 U.S. Foreclosure Market Report found that 92,845 properties nationwide entered a stage of foreclosure during the month, resulting in a rate of one new foreclosure filing for every 1,245 U.S. households. With one new foreclosure filing for every 480 households, Colorado had the nation's highest state foreclosure rate for the fifth month in a row, according to the report. The state reported 3,810 properties entering some stage of foreclosure, a 3 percent increase from the previous month and a 55 percent increase from July 2005. Nevada had the nation's second-highest foreclosure rate for the second straight month. The state reported 1,626 properties entering some stage of foreclosure, a 31 percent increase from the previo...