Industry News

National foreclosure activity up 55% in first half of ’07

Foreclosure tracking service adds new measurement

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National property foreclosure activity was up 55 percent in the first half of 2007 over last year, according to new data released today, as many housing markets across the country continue to see slowing sales and stagnant price growth. A total of 925,986 foreclosure filings -- which includes default notices, auction sale notices and bank repossessions -- were reported on 573,397 properties nationwide during the first six months of the year, according to a midyear report released today from foreclosure tracking service RealtyTrac. The findings show increases of more than 30 percent from the previous six-month period. The report also shows a foreclosure rate of one foreclosure filing for every 134 U.S. households for the first half of the year. "Despite a slight drop in June, foreclosure activity shows no sign of slowing down," said 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 mi...