Industry News

Homes in foreclosure up 79% in ’07

Two studies cast doubt on potential for foreclosure relief

The number of households in foreclosure increased 79 percent in 2007, with about one of every 100 U.S. households at some stage of the foreclosure process, according to the latest numbers from data aggregator RealtyTrac. The numbers come on the heels of two reports -- one by a consumer advocacy group, the other by an industry association -- that suggest the Bush administration's foreclosure prevention efforts will fall short of expectations. Nationwide, RealtyTrac tallied 2.2 million foreclosure-related filings during the year on about 1.3 million homes, a 75 percent increase in filings from 2006. Foreclosure-related filings include default notices, auction sales notices and bank repossessions. Because one home may be subject to several filings, the number of foreclosure-related filings is larger than the number of foreclosures. Although not every foreclosure is captured by RealtyTrac, the numbers can serve as a benchmark for tracking foreclosure trends. The year-end statistics 2007 r...

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