RealtyTrac, an online marketplace for foreclosure properties, says that foreclosure fillings (default notices, auction sale notices, and bank repossessions) are up 56 percent in the United States for the first six months of 2007. The report also shows a foreclosure rate of one foreclosure filing for every 134 U.S. households for the first half of the year.
"Despite a slight drop in June, foreclosure activity shows no sign of slowing down," says James J. Saccacio, chief executive officer of RealtyTrac. "Based on the rate of foreclosure activity in the first half of 2007, 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."
The California-based company also introduced a new "unique property" count in the report. This new metric counts a property only once, even if there were multiple foreclosure filings against the property during the report period. RealtyTrac says it will issue this count four times a year, including a mid-year and annual report.
"The addition of this metric to our foreclosure report was spurred by a data request for unique property addresses from the Federal Reserve Bank, which is using our data for market and risk analysis, and we believe it will serve as a valuable complement to the total foreclosure filing count that we have been including all along," said Rick Sharga, RealtyTrac's vice president of marketing. "It's interesting to note that the total foreclosure filings and unique property counts reveal almost identical trends on the national level: foreclosure filings are up 39 percent from the previous six months and 56 percent from the first half of 2006; unique property counts are up 32 percent from the previous six months and up 58 percent from the first half of 2006."
Click here to download an excel file of the foreclosure report.