Foreclosures Up 55% in First Half of 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, 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. Calfironia 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