Business news

Foreclosures rise in area during July


Augusta-area foreclosures rose in July, according to an online real estate firm that tracks home foreclosure filings.

For the six-county Augusta area, there were 399 filings, up from 388 in June, RealtyTrac reported.

The number of filings increased in Columbia and McDuffie counties. There were fewer filings in Richmond County.

RealtyTrac said there were 308 foreclosure filings in July 2011.

Foreclosure filings – default notices, scheduled auctions and bank repossessions – were reported on 191,925 U.S. properties in July, a decrease of 3 percent from the previous month and 10 percent from July 2011.

In Georgia, there were 10,861 filings, a 10.6 percent decline from the prior month. South Carolina showed an 8.4 percent increase to 3,991 filings in July.

E-Trade Financial dismisses its CEO

NEW YORK — E-Trade Financial has ousted its CEO, Citigroup veteran Steven Freiberg, just two years into a four-year contract as the online broker deals with declining trading.

The company named its chairman to the top spot until a permanent replacement can be found.

E-Trade has been struggling as consumers pull money out of the stock market. Its net income dropped 16 percent in the April-June quarter as investors made far fewer trades. Faced with less trading activity, E-Trade said it was focusing on managing costs and dialing back on risk.