Across the nation, foreclosure filings have shown a 32% increase over June to July of 2008. This equates to nearly 1 in every 355 households were the recipients of a foreclosure notice. This is the highest number since these figures have been tracked nearly 4 years ago.
Reports show that banks across the nation repossessed upwards of eighty seven thousand homes this past July. This is up from approximately seventy nine thousand in June of this year.
For the 31st consecutive month, the state of Nevada led the country in foreclosures; followed by California, then Arizona, Florida and finally, Utah. The city of Las Vegas reported the highest numbers. The California cities of Modesto and Stockton came in a close second.
Even though other areas of the troubled real estate market are showing signs of recovery, foreclosures remain a big concern. These types of properties are typically sold off at discount prices, which in turn have an adverse effect on the entire neighborhood's comparables pricing. Mortgage lenders have been slow to react to the problem and have required some government incentives to move faster on the growing inventory of foreclosed properties.
Just last week, the U.S. Treasury Dept. reported that the lending industry had made a total of four hundred thousand offers of loan modification offers to an estimated 2.7 million borrowers who are currently eligible for a loan modification. A mere 9% of eligible borrowers have been enrolled in three-month trial loan modification programs.
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