US foreclosure filings surge 55 percent

By: Associated Press
By: Associated Press

August 14, 2008

WASHINGTON (AP) -- The decline in the housing market continues to deliver bad news.

The number of foreclosure filings grew by 8 percent last month compared to June. That's also up 55 percent compared to July of last year.

RealtyTrac Incorporated says more than 272,000 homes received at least one foreclosure-related notice in July. That comes out to one out of every 464 U.S. households.

RealtyTrac monitors default notices, auction sale notices and bank repossessions.

More than 77,000 properties were also repossessed in July.

The highest foreclosure rates are found in Nevada, California, Florida, Arizona, Ohio, Georgia and Michigan.

Forty-two states saw foreclosure filings increase compared to a year ago.

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