Foreclosure Rates Rose 79% in 2007
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The number of American homes that slipped into some stage of foreclosure in 2007 was 79% higher than in the previous year, a real estate tracking company said yesterday. Many homeowners started to fall behind on mortgage payments in the last three months, setting the stage for more foreclosures this year.
About 1.3 million homes received foreclosure-related warnings last year, up from 717,522 in 2006, Irvine, Calif.-based RealtyTrac Inc. said. Foreclosure filings rose 75% from the previous year to 2.2 million. More than 1% of all American households were in some phase of the foreclosure process last year, up from about half a percent in 2006, RealtyTrac said.
Nevada, Florida, Michigan, and California posted the highest foreclosure rates, the company said. The filings included notices warning owners that they were in default, or that their home was slated for auction or for repossession by a bank.
