Foreclosures in the US took a 7 percent jump from June to July, and a 32 percent jump from July of last year. The hardest hit cities are the ones where prices rose the highest during the boom.
Nevada had the nation’s highest foreclosure rate for the 31st-straight month, followed by California, Arizona, Florida and Utah. Rounding out the top 10 were Idaho, Georgia, Illinois, Colorado and Oregon. Among cities, Las Vegas had the highest rate, followed by the California cities of Stockton and Modesto.
While there have been numerous recent signs that the ailing U.S. housing market is finally stabilizing after three years of plunging prices, foreclosures remain a big concern. Foreclosures are typically sold at a deep discount, hurting neighbors’ home values.
Meanwhile here at home, personal bankruptcies in Canada jumped 51% over last year, and 9.1% month over month. Where’s that decoupling theory when you need it?