New Foreclosures Reportedly Hit Peak

New foreclosed residential properties rose nearly 5% in July to their highest level of the year, according to Foreclosure.com, an online foreclosure listing service based in Boca Raton, Fla.Such foreclosures totaled 28,130 in the United States in July, but the nationwide inventory of foreclosed residential properties actually fell to 86,562, a decrease of 3.1% from that of June, the company reported. Brad Geisen, president and chief executive officer of Foreclosure.com, said the new foreclosures are "driven in large part" by rate increases in adjustable-rate mortgages, producing "great bargains" for investors and homebuyers. "Put simply, foreclosures are hot and getting hotter," Mr. Geisen said. "And this is just the beginning." Foreclosure.com said the largest monthly increases in new foreclosures were recorded in Missouri, where they were up 48.2%; Michigan, up 38.0%; and Minnesota, up 31.1%. The company can be found online at http://www.foreclosure.com.