Foreclosures Up 55 Percent: 272,171 Filings In July Alone

The housing crisis got a bit worse in July, as foreclosures in the United States rose 55 percent from their position last year. There were 272,171 foreclosure filings in July 2008, as reported by Reuters.

All told, one household in every 464 received a foreclosure notice. Among the areas hardest hit by foreclosure notices was Fort Myers, Florida; one in every 64 households there received a default notice in July alone.

Nevada was hardest hit by foreclosure, followed by California, Florida, Ohio, Georgia, Michigan, Colorado, Utah and Virginia. All of these states used to be known for their stable markets and high home values, but now they are suffering from the worst housing market in over 70 years.

Congress and the White House continue to mull over what to do about this ongoing crisis, but in the mean time families are losing their homes and livelihoods. As the job market continues to contract we should expect foreclosure rates to continue their surge, and with no clear end in sight, the American homeowner can expect tough times ahead.

Source Reuters:

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