residential foreclosures hit its highest level

The number of new residential foreclosures hit its highest level of the year in July, while the active foreclosure inventory for the month actually dropped 3.1 percent from the June level, according to Foreclosure.com, a company that tracks foreclosure information.

There were 28,130 new residential foreclosures in July -- a 4.95 percent increase over June and a 10 percent increase from July 2005. Michigan, Colorado and Ohio were among the states hardest hit..

The largest monthly increases in new foreclosure rates among states with more than 300 new foreclosures were recorded in Alabama (up 21.3 percent); Colorado (up 12.9 percent); Illinois (up 11.6 percent); Michigan (up 38 percent); Minnesota (up 31.1 percent); Missouri (up 48.2 percent); and Ohio (up 14.3 percent).

California's new foreclosures dipped by 41 percent from June to July, while the active inventory increased by 7.3 percent.

Other large monthly percentage decreases in new foreclosures were found in North Carolina (down 14.3 percent); Pennsylvania (down 21.3 percent); and Texas (down 16.9 percent).