Bankruptcy

Nationwide Foreclosures Jumped 75% in 2007

By J. Michael McBride

According to the 2007 U.S. Foreclosure Market Report released on January 28, 2008 by RealtyTrac the nationwide foreclosures in 2007 jumped 75% from 2006 with a total of 2,203,295 foreclosure filings. "More than 1% of all U.S. households were in some stage of foreclosure during 2007, up from 0.58% in 2006, RealtyTrac reports." Foreclosure filings included in the report were default notices, auction sale notices and bank repossessions.

The three highest states to report an increase in foreclosures from 2006 were Nevada with 3.4%, Florida with 2%, and Michigan with 1.9%. Nevada had more than three times the national average with foreclosures up more than 200% from its 2006 filings. Florida's filings were more than twice its 2006 filings, and Michigan reported a rise of 68% from its 2006 filings. The other states that made the top 10 in 2007 were California, Colorado, Ohio, Georgia, Arizona, Illinois and Indiana.

You can read the entire article reported from CreditandCollectionsWorld.com at: http://www.creditcollectionsworld.com/article.html?id=20080129S4FTCWQT&from=creditandcollectionnews

Chandra

Full post as published by Texas Lawyer Blog on January 30, 2008 (boomark / email).