U.S. foreclosure filings surged 58% in H1 2007, with California skyrocketing 170% and Florida up 77%, according to foreclosure data company RealtyTrac Inc. A total of 573,397 homes were subject to some form of foreclosure filing in the period, including default notices, auctions and repossessions. Homeowners with adjustable rate mortgages (ARMs) whose monthly payments have gone up are finding it increasingly difficult, in the current environment, to sell or refinance their homes in order to avoid default. The inventory of homes for sale in June matched May’s figure at 8.8 months, the highest in fifteen years. “Foreclosure activity shows no sign of slowing down,” said RealtyTrac CEO James Saccacio. “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%.”
Sources: Press release, Reuters, Forbes, Bloomberg