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    The fallout from Wells Fargo's fake account fiasco is far from over, as the bank announced late Tuesday that it reached a $110 million settlement in a class action lawsuit brought on behalf of the bank’s customers who had a fake account opened in their name. Click the headline to read more about the settlement.

RealtyTrac: Foreclosure Filings Up 93 Percent From July 2006

RealtyTrac's monthly foreclosure report is out this morning, and shows that a total of 179,599 foreclosure filings -- default notices, auction sale notices and bank repossessions -- were reported during July 2007, up 9 percent from the previous month and up 93 percent from July 2006:
"While 43 states experienced year-over-year increases in foreclosure activity, just five states -- California, Florida, Michigan, Ohio and Georgia -- accounted for more than half of the nation's total foreclosure filings," said James J. Saccacio, chief executive officer of RealtyTrac.
In terms of foreclosure rates - that is, foreclosures relative to the number of households -- Nevada, Georgia and Michigan were the most active. Nevada documented the nation's highest foreclosure rate for the seventh month in a row, RealtyTrac said, while Georgia saw its foreclosure rate jump 75 percent in a single month. In terms of raw volume, California, Florida and Michigan were the nation's most active for foreclosure activity. California reported 39,013 foreclosure filings in July, the most of any state for the seventh month in a row and up 289 percent from July 2006, RealtyTrac reported. Read the full press statement for detailed numbers on each state and key metropolitan areas. Keep in mind that what we would consider a "foreclosure action" actually encompasses numerous notices and actions, and that RealtyTrac's numbers are aggregated across the entire process. So, for example: 39,013 foreclosure filings in California during July means that a total of 39,013 notices of default, notices of trustee sale, and new REO listings were recorded during the month. It doesn't mean that 39,013 foreclosures were either initiated or completed statewide.

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