New Foreclosures Hit '05 Monthly High

RealtyTrac, an online foreclosure marketplace based in Irvine, Calif., has reported that the number of new properties in some stage of foreclosure increased 4.7% nationwide in July to a new monthly high for the year.The company's Monthly U.S. Foreclosure Market Report indicates that 78,979 new foreclosure properties were added to the rolls in July. "If the trend from the last two months continues, foreclosures may gather enough momentum to significantly impact the real estate market," said James J. Saccacio, RealtyTrac's chief executive officer. The company said Florida reported the highest number of new foreclosures of any state in July, with 12,471, an increase of 27.5%. However, the state's foreclosure rate fell from second-highest to third-highest because of greater percentage increases in other states. New foreclosures in Arkansas shot up 150% in July, giving it the nation's highest foreclosure rate, the company said. RealtyTrac can be found online at http://www.realtytrac.com.