July foreclosures hit a new high

There was no relief on the foreclosure front in July, according to RealtyTrac. The California firm said total foreclosures jumped 93% to 179,599 in July from 92,845 in July 2006. That leaves foreclosures at a fresh cycle high, as illustrated in this chart (the data goes back to the beginning of 2005).

California led the nation in raw foreclosure figures -- 39,013. Florida came next at 19,179, followed by Michigan at 13,979, Ohio at 13,316 and Texas at 12,441. Measured as a ratio of foreclosures to households, Nevada was the worst -- 1 foreclosure for every 199 households. Georgia was next at 1-per-299 households, followed by Michigan at 320 and California at 1-per-333.

With home sales weakening, home prices slumping, and mortgage lending standards tightening up, these foreclosure figures shouldn't come as a surprise. But they're disturbing nonetheless. Put simply, we're facing a foreclosure tsunami and there's no way to know when it will wash out.