U.S. foreclosures up 58% in first half of 2007 [View All]

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LOS ANGELES – The number of U.S. homes facing foreclosure surged 58 percent in the first six months of the year, the latest sign of growing problems in the mortgage industry, a data firm said Monday.

In all, 573,397 properties across the nation reported some sort of foreclosure activity in the first half of this year, including receiving notices of default, auction sale notices or being repossessed by lenders, Irvine-based RealtyTrac Inc. said.

That was 58 percent higher than in the first six months of 2006 and 32 percrent higher than the last six months of 2006.
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"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," said RealtyTrac CEO James J. Saccacio.