Thursday, August 2, 2007

Foreclosures for the H1 2007 Up 55% from Last Year

The excerpts below are from the RealtyTrac press release concerning foreclosures in the US. The press release is full of good data and state-by-state details.
Things in the housing market are not improving based on these numbers.

Foreclosure Market Report, which shows a total of 925,986 foreclosure filings -- default notices, auction sale notices, and bank repossessions -- were reported on 573,397 properties nationwide during the first six months of the year, up more than30 percent from the previous six-month period and up more than 55 percent from the first six months of 2006. The report also shows a foreclosure rate of one foreclosure filing for every 134 U.S. households for the first halfof the year.

"Despite a slight drop in June, foreclosure activity shows no sign of slowing down," noted James J. Saccacio, chief executive officer of RealtyTrac. "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, California post top foreclosure rates.

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