July 12, 2024

California home foreclosuresMore than 430,000 U.S. foreclosure filings were reported in the first three months of 2007, an increase of 35 percent from the previous quarter, according to data just released  by RealtyTrac.

Foreclosure filings include default notices, auction sale notices, and bank repossessions. RealtyTrac says there was one filing for every 264 households, marking the highest quarterly rate since the company began issuing reports 27 months ago.

“The rise in foreclosure activity was quite dramatic and widespread in the first quarter,” says James J. Saccacio, chief executive officer of RealtyTrac. “Certainly the surge in subprime defaults has contributed to the overall rise.”

RealtyTrac estimates that more than half of the first-quarter foreclosure activity was from subprime loans. However, it’s not just low-end homes that are affected, Saccacio says. “We’re seeing a rising percentage of foreclosures with an estimated market value of more than $750,000.”[tags]foreclosures,home foreclosures,real estate bubble,housing bubble,California real estate[/tags] San Diego downtown condos

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