Phillip's Blog

Foreclosures Increase Despite Intervention
The foreclosure crisis continued to grow in the first half of 2009, affecting more than 1.5 million homes, according to a mid-year report from foreclosure listing service RealtyTrac Inc.

The report cites a 9 percent increase in total properties in foreclosure compared to the previous six months, and a nearly 15 percent increase in total properties facing foreclosure compared to the first six months of 2008.

The report also says that 1.19 percent of all U.S. housing units (one in 84) received at least one foreclosure filing in the first half of the year.

"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 James J. Saccacio, chief executive officer of RealtyTrac, in a prepared statement.

States with the highest foreclosure rates are:

• Nevada
• Arizona
• Florida
• California
• Utah
• Georgia
• Michigan
• Illinois
• Idaho
• Colorado

States with the highest number of actual foreclosures are:

• California
• Florida
• Arizona
• Illinois
• Nevada
• Michigan
• Ohio
• Georgia
• Texas
• Virginia

Source: RealtyTrac (07/16/2009)