Foreclosure rates increase slightly in June

08.04.09
By Timothy Jones

A new survey finds that although foreclosures increased slightly in June, some states saw their numbers stabilize, indicating that the economy and housing market might be poised for rebound.

According to numbers tallied from the Associated Press, the average county stress score - which evaluates the unemployment, foreclosure and bankruptcy rate for each area on a 1 to 100 range - increased from 10 in May to 10.6 in June.

But AP notes that foreclosures in some key states like Arizona, California and Florida have stabilized. Steve Goddard, president-elect of the California Realtors' Association, told the wire service that he sees the number of foreclosures in his state dropping.

"It looks like we're past the peak in foreclosures," he said. "Most bank-owned properties are receiving multiple offers."

But things are not up for all states as the report finds that Nevada had the highest foreclosure rate in the country at 7.3 percent and the fifth-highest unemployment rate at 12 percent.

It would appear that Las Vegas is mainly responsible for the problems in Nevada as The Midyear 2009 Metropolitan Foreclosure Market Report released last week from RealtyTrac found that the Sin City had the highest foreclosure rate in the country with one out of every 13 properties facing a foreclosure filing.

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Although foreclosure rates are on the rise, in some key states they have stayed steady