New Hampshire Foreclosures Spike By 80%

In July New Hampshire reo homes spiked by as much as 80% from June according to latest reports coming in from RealtyTrac. The numbers counted to a foreclosure rate of 1:653 in July. In comparison to the July 2007 the increase was by a staggering 356%. This had made the Granite State of New Hampshire rank 14th in the national foreclosure race. In July this year 903 properties were foreclosed. Of these 447 were REO or real estate owned. The banks had repossessed these units after having failed to attract suitable buyers in the court auctions. In June there were 196 bank-repossessed units. The NTS or notice of trustee sales jumped from 307 in June to 456 in July this year.

In New England, New Hampshire had the highest foreclosure rate in July 2008. The best rate count went to Vermont with a foreclosure rate of 1:61,911. Maine followed with 1:2,710 ranking it 43rd. Rhode Island ranked 23rd with a rate of 1:910, Massachusetts was placed 20th with 1:758 and Connecticut stood 16th with a foreclosure rate of 1:711.

Across the country there were 272,171 foreclosure postings in July showing a 8% increase from June 2008. It was a 55% spike from July of 2007. The foreclosure rate counted to 1:464 in July.

In July 2008 Nevada stood first in the nation as regards foreclosure count reading 1:106. California followed close on the heels with 1:182. Florida followed with 1:186. In the number of reo properties California and Florida came first and second with 72,285 and 45,884 postings respectively.

West Virginia came after Vermont with a foreclosure rate of 1:23,100. South Dakota followed with 1:11,760.

In the foreclosure world the bank repossessions showed the most activity. In July there was year-over-year increase of 184% as compared to 53% in the previous year. Default notices went up by 11%. There was notable increase in bank repossessions that was off set with slow sale numbers.

RealtyTrac based in California documents all the three stages of the judicial process of foreclosure. Sometimes one property is listed more than once because it may be having multiple mortgages. As far as possible the firm tries to be accurate. But sometimes discrepancies occur. With slight variations here and there can be no denying that despite many remedial measures being taken as such foreclosure numbers have not been contained. It varies in concentrations from one region to another.

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