Industry News

U.S. foreclosure filings up 79% in 2007

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U.S. foreclosure filings rose 79.2 percent in 2007 compared to 2006, with 1 percent of all households entering a stage of foreclosure, data company RealtyTrac reported today. Among the 100 largest U.S. metro areas the foreclosure rate was highest in the Detroit area, with 4.9 percent of all homes in that metro entering a stage of foreclosure in 2007. There were 72,616 total foreclosure filings and 41,273 properties with foreclosure filings in the Detroit metro area in 2007, up 68.2 percent compared to 2006, RealtyTrac reported. The household numbers are based on the U.S. Census Bureau's 2005 estimates of total housing units, and RealtyTrac tracks filings for all phases of foreclosure, including notice of default and lis pendens, notice of trustee sale and notice of foreclosure sale, and real estate-owned (REO) properties that have been foreclosed on and repurchased by a bank. Four of the 10 metro areas with the highest foreclosure rates in 2007 are in California and two are...