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Foreclosure rate up dramatically in Iowa, U.S.

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Iowa had 621 foreclosure filings in July, up 35.89 percent from June, according to RealtyTrac Inc. Nationally, the number of default notices, auction sale notices and bank repossessions totaled 179,599, up 9.1 percent from June and nearly double from a year ago. The national foreclosure rate was one foreclosure filing for every 693 households. In Iowa, it was one filing for every 2,105 households.

Forty-three states experienced year-over-year increases, with California, Florida, Michigan, Ohio and Georgia producing half of all foreclosures in the United States. Nevada reported the highest state foreclosure rate for the seventh month in a row with one foreclosure filing for every 199 households, more than three times the national average.

A few states, including Oklahoma, Texas, Utah and South Carolina, reported a decrease in foreclosure activity as a result of “increased interest from real estate investors who have pulled out of more volatile markets where home price appreciations seems to have hit its peak for the time being,” said RealtyTrac CEO James Saccacio.