US foreclosure activity up, RealtyTrac says

07/31/07 - newratings.com

NEW YORK, July 31 (newratings.com) – The Midyear 2007 US Foreclosure Market Report, released on Monday by RealtyTrac, an online foreclosure properties marketplace, pointed towards a total of 925,986 foreclosure filings, including default notices, auction sale notices and bank repossessions.

This total of 925,986 foreclosure filings on 573,397 properties nationwide in the first six months of the year represents a more than 30% rise from the preceding six-month period and a 55% rise over the first six months of 2006. James J Saccacio, chief executive officer of RealtyTrac, said that despite a decline in June, there were no signs of any slowdown in foreclosure activity. Saccacio added that foreclosure filings would easily cross two million by the year-end, representing a 65% increase y/y.