Foreclosures in Third Quarter of 2007 Were Up 30 Percent

It has been reported in news reports across the country about the difficulties home owners are having with the current mortgage crisis. This is clearly evidenced by the fact that foreclosures in the third quarter of 2007 were up 30 percent. Many home owners are struggling with financial issues such as adjustable rate mortgages and other issues that have contributed to the increase in the amount of foreclosures during this time period. RealtyTrac was founded in 1996 and provides an online marketplace for foreclosure activities. RealtyTrac provided the statistics on the foreclosures for the third quarter of 2007 in a recent press release.

The increase in the number of foreclosures was almost 100 percent when compared with the third quarter of 2006 according to the press release. Overall nationwide the rate is one foreclosure filing per every 196 households in the United States during the third quarter. The states with the highest foreclosure rates in the third quarter were Nevada, California, and Florida.

"August and September were the two highest monthly foreclosure filing totals we've seen since we began issuing our report in January 2005," according to James J. Saccacio, who is chief executive office of RealtyTrac. "Although not all areas are being hit as hard as others, the rise in foreclosures is quite widespread, with 45 out of the 50 states documenting year-over-year increases in the third quarter. Given the number of loans due to reset through the middle of 2008, and the continuing weakness in home sales, we would expect foreclosure activity to remain high and even increase over the next year in many markets", Saccacio continued.

Nevada saw a total of 16,817 foreclosure filings in the third quarter of 2007. This was a rate of one foreclosure per every 61 households in the state. Foreclosures were up 23 percent from the second quarter of 2007 in Nevada, and up over 300 percent when compared with the third quarter of 2006.