July foreclosures see an increase

A recent report shows that when it comes to mortgages, many people are having a hard time managing money and getting out of debt.

According to RealtyTrac, foreclosures for the month of July hit 360,149 across the nation, which marks an increase of almost 7 percent in foreclosure activity compared to June. The report shows that one in every 355 housing units in America has faced some sort of foreclosure notice.

“July marks the third time in the last five months where we’ve seen a new record set for foreclosure activity,” James J. Saccacio, chief executive officer of RealtyTrac, said.

When it comes to state-by-state totals for foreclosure notices in July, the top states were California (108,104 properties), Florida (56,486 properties), Arizona (19,694 properties), and Nevada (19,535 properties). In all, the four states made up 57 percent of foreclosures in the U.S.

Recently, officials in the Obama administration met with top members of the mortgage industry in order to speed up the number of trial loan mortgage modifications offered through the administration’s Home Affordable Modification Plan program. The administration wants 500,000 trial modifications by November 1, which mortgage lenders agreed to try and achieve.