Bloomberg.com reports that foreclosures across the United States hit a record in the first half of 2007. Almost 926,000 foreclosure notices were filed, 56 percent more than the previous year. This report must be taken with a grain of salt, however. RealtyTrac only started tracking foreclosure data in 2005.
Foreclosures were the highest in California and Florida, where home prices have fallen as much as 25 percent, and in Michigan, where 50,000 automotive industry workers have been laid off in the past 10 years.
Recent boosts in 30-year mortgage interest rates have also contributed to the inability to sell homes, thus reducing home prices.
Bloomberg said 58 percent of properties in foreclosure are linked to subprime loans.
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