Saturday, August 4, 2007

Foreclosures Up 55% in First Half of 2007

July 30, 2007
" There was one foreclosure filing for every 134 U.S. households during the first half of the year, according to RealtyTrac’s midyear report.

The report shows that foreclosure filings — including default notices, auction sale notices, and bank repossessions — rose to 925,986 for the first six months of 2007. That’s an increase of more than 55 percent over the same time last year, and a jump of 30 percent over the last half of 2006.

Despite a slight drop in June, foreclosure activity shows no sign of slowing down,” says James J. Saccacio, CEO of RealtyTrac, an Irvine, Calif.-based company that manages an online database of foreclosures.

“Based on the rate of foreclosure activity in the first half of 2007, we could easily surpass 2 million foreclosure filings by the end of the year, which would represent a year-over-year increase of over 65 percent.”

Nevada, Colorado, and California posted the highest foreclosure rates.

Nevada’s rate doubled from the prior six months to a total of 25,208 filings — or one filing for every 40 households.

Colorado was slightly better, at one filing for every 60 households.

California had the third-highest rate, with one filing per 69 households, but topped the list for the total number of foreclosures filings: 189,560.

Other states in the top 10 include Michigan, Florida, Ohio, Georgia, Arizona, Connecticut, and Indiana. "

A complete state-by-state listing is available on RealtyTrac's Web site.Source: RealtyTrac; Irvine, Calif

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