Foreclosures rise 58 percent in first half of ’07

MSNBC

07/30/07

The number of U.S. homes facing foreclosure surged 58 percent in the first six months of the year, the latest sign of mounting problems in the mortgage industry, a data firm said Monday. In all, 573,397 properties across the nation reported some sort of foreclosure activity in the first half of this year, including receiving notices of default, auction sale notices or being repossessed by lenders, Irvine-based RealtyTrac Inc. said...

//www.msnbc.msn.com/id/20041753/


Informant: Thomas L. Knapp

--------

U.S. Foreclosure Filings Surge

"We could easily surpass 2 million foreclosure filings by the end of the year, which would represent a year-over-year increase of over 65 percent," said RealtyTrac CEO James J. Saccacio.

//www.forbes.com/feeds/ap/2007/07/30/ap3968151.html



More People Expected to Default on Mortgage: Subprime

"Alt-A", jumbo interest-only and option adjustable-rate mortgages account for about 25 percent of all outstanding mortgage debt - about $2.5 trillion. Of that amount, about $1.4 trillion is at serious risk of default, Zandi says.

//www.realtor.org/RMODaily.nsf/pages/News2007072702?OpenDocument


From Information Clearing House



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