Report: Foreclosure Rates Drop Slightly In July

(Detroit-WWJ) The latest statistics show an ever-so-slight dip in home foreclosures this year, but Michigan is still among the states with the highest rates.

According to RealtyTrac, ten thousand, 894 foreclosure notices went out in Michigan in July. That’s one in every 417 households in the state.

That makes Michigan seventh in the country, but well behind the leader, Nevada, where one home in every 115 received a notice.

RealtyTrac says the 59 thousand, 516 foreclosures nationally last month represent a seven percent decline from June and a drop of 39 percent from July, 2010.

Banks are on pace to repossess between 800 thousand and 900 thousand homes across the country this year.

(Copyright 2011 WWJ Newsradio 950. All Rights Reserved. The Associated Press Contributed To This Story.)

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