Pre-foreclosures Hit Record Highs in July

Pre-foreclosures hit record highs in July, according to ForeclosureS.com, a Fair Oaks, Calif.-based investment advisory firm. Foreclosures climbed 7.3% in July from the previous month's level, and were up 88.6% from the level recorded in July 2007, the company said. "Looking at pre-foreclosure filings as a [percentage] of households -- the best way to judge future foreclosure trends -- this year 7.2 out of every 1,000 households nationwide faced possible foreclosure," said Alexis McGee, president of the firm. ".... Short term, there's no question that the foreclosure outlook is grim. But longer term there is promising news. Foreclosures tend to peak well after the housing market has bottomed, which may be forming as we speak." The company can be found online at http://www.foreclosures.com.