U.S. forclosures hit record

IRVINE, Calif., Aug. 13 (UPI) -- Foreclosure activity reached unprecedented rates in July, affecting one in every 355 U.S. housing units, a real estate research firm said.

Foreclosures rose 7 percent in the month compared to June and climbed 32 percent from July 2009, RealtyTrac reported Thursday.

Despite federal and state efforts to slow the foreclosure rate, the trend continues upward, said James Saccacio, RealtyTrac's chief executive officer.

In Nevada, about one in every 56 housing units was involved in foreclosure proceedings in July. In California, one in every 123 housing units received notices. In Arizona, one in every 135 was hit with a notice, RealtyTrac reported.

Statistics were skewed in Michigan and Nevada, where state laws slowed the rates temporarily.

In Michigan, lenders are now required to provide troubled homeowners with contact information for financial counselors before scheduling a foreclosure auction. The law also puts the foreclosure process on hold for 90 days for participating homeowners.

In Nevada, a new law requires lenders to offer mediation services to delinquent homeowners.

The Sunbelt states of California, Florida, Arizona and Nevada continued as foreclosure hot spots, accounting for 57 percent of the nation's foreclosure activity in July, RealtyTrac said.