U.S. Households that are on the edge of being foreclosed rose 7 percent from June to July.  Even with the US Government trying to halt the slide.  The foreclosure rate continues to outpace expectations.

Foreclosure filings were up a total of 32 percent over the same period last year.  A total of 360,000 households, or one in every 355 homes, are in the process of foreclosure.  This is the highest level since this economic downturn began.

July 2009 had more than 87,000 homes repossessed by the back, this was an increase of 8,000 more homes than were repossessed in June.

The top ten states, with the highest foreclosure rate, were Nevada, California, Arizona, Florida, Utah, Idaho, Georgia, Illinois, Colorado and Oregon.  The top three cities were Las Vegas, Nevada, Stockton and Modesto California.

Although there has been numerous reports that the economy has reached the bottom, the U.S. housing market has yet to turn the corner in foreclosure filings.  To see a stability in the housing market the foreclosure rates will have to significantly decline.  With this percentage of foreclosed houses being sold in a neighborhood, housing prices will continue to decline.

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