Bankruptcy

Foreclosures Rampant

By Richard K. Gustafson

According to RealtyTrac, on online marketplace for foreclosed properties, a total of 925,986 houses were at some point in the foreclosure process during the first six months of 2007.  This was a 55% increase compared to the same time period in 2006.  That equates to one foreclosure for every 134 households during the first half of the year.

James J. Saccacio, CEO of RealtyTrac predicts that at this rate, foreclosures could easily surpass 2 million filings by the end of the year!  This would be a 65% increase over 2006.  The states with the largest foreclosure rates are Nevada, Colorado, Michigan, Florida, Ohio, Georgia, Arizona, Connecticut and Indiana.

Full post as published by Consumer Bankruptcy Blog from Legal Helpers on October 07, 2007 (boomark / email).