Home loan defaults continued at a record pace in July despite ongoing programs by government authorities at both federal and state level to avoid foreclosures.
Home seizure activity jumped by 7 percent in July from just a month previously and a massive 32 percent from a year earlier.
According to RealtyTrac this morning, one in every 355 mortgaged households got a foreclosure filing.
“July marks the third time in the last five months where we’ve seen a new record set for foreclosure activity,” according ot James J. Saccacio, RealtyTrac’s chief executive, in a statement.
“Despite continued efforts by the federal government and state governments to patch together a safety net for distressed homeowners, we’re seeing significant growth in both the initial notices of default and in the bank repossessions.”
SUN BELT AMONG WORST AFFECTED
Areas where property prices rose most in the five-year housing bubble earlier this decade remain hardest hit by the current recession. Just four states, Arizona, Nevada, California and Florida, accounted for over half of total U.S. foreclosure activity in July.