Thursday, November 1, 2007

Foreclosures Nearly Double in Third Quarter

There were more than 635,000 foreclosure filings nationwide in the third quarter of this year, 99.5% more than in the same period of 2006, according to RealtyTrac. The figure was 30.0% higher than levels for the second quarter of 2007, and marked one foreclosure for every 196 U.S. households.
August and September were the two highest monthly foreclosure filing totals we’ve seen since we began issuing our report in January 2005,” said James J. Saccacio, chief executive officer of RealtyTrac. “Although not all areas are being hit as hard as others, the rise in foreclosures is quite widespread, with 45 out of the 50 states documenting year-over-year increases in the third quarter. Given the number of loans due to reset through the middle of 2008, and the continuing weakness in home sales, we would expect foreclosure activity to remain high and even increase over the next year in many markets.”

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