Foreclosures Up 97% From Last Year, But…

Here’s the latest headline:

“July foreclosures up 9 percent from June – LOS ANGELES – The number of foreclosure filings reported in the U.S. last month jumped 93 percent from July of 2006 and rose 9 percent from June, the latest sign that homeowners are having trouble making payments and finding buyers during the national housing downturn”.
 
Here’s the fine print:
 
“The national foreclosure rate in July was one filing for every 693 households”.

Perspective?  Trying to figure that one out, but Realtytrac’s data doesn’t seem to go back far enough.  In other words, what is REALLY a scary foreclosure rate? 3%? 5%?  In my town, there’s some areas with 1 in 10 houses in foreclosures and it’s not falling into the earth.  It’s not real pretty either.  However, a foreclosure rate of 1-2% seems pretty harmless overall, am I missing something?  Sure, if you are vested in a fund with 50% subprime loans, you’d got a little more pain.  But does a 2% vs. 1% foreclosure rate really bring down the whole thing?
 
Would love to know what the foreclosure rate was in the last three booms and busts as a matter of comparison, wouldn’t you?  If someone can find reliable data, please comment!