Friday, Aug 12 2011 10:52AM
Foreclosure have affected many homewners in western states, including California, Nevada and Arizona.
According to RealtyTrac's latest foreclosure report, national filings dipped 4 percent in July from the month before, but distressed activity continues to significantly affect many states in the West.
The firm's U.S. Foreclosure Market Report indicates Nevada posted the nation's highest foreclosure rate for the 55th consecutive month. One out of every 115 properties, or nearly 10,000 homes, received filings during the month. Additionally, California and Arizona had the second- and third-highest foreclosure rate in July, respectively.
James J. Saccacio, Chief Executive Officer of RealtyTrac, stated despite year-to-year and month-to-month drops in foreclosures, the decreases are misleading.
"Unfortunately, the falloff in foreclosures is not based on a robust recovery in the housing market but on short-term interventions and delays that will extend the current housing market woes into 2012 and beyond," said Saccacio.
Housing assistance programs may be needed in hard-hit western states. The Associated Press recent Stress Index indicated the economies in Nevada, California and Arizona continue to be stressed by poor housing markets.