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Tuesday, September 18, 2007

Foreclosure Activity Increases in August

by Calculated Risk on 9/18/2007 11:05:00 AM

"A greater percentage of homes entering foreclosure are going back to the banks."
James Saccacio, chief executive for RealtyTrac
From MarketWatch: Foreclosures more than double in past year
Nearly a quarter of a million foreclosure filings were reported in August, up 115% from a year ago and up 36% from July. Each home in foreclosure can have multiple filings as it moves from default status to bank repossession....

"The jump in foreclosure filings this month might be the beginning of the next wave of increased foreclosure activity, as a large number of subprime adjustable-rate loans are beginning to reset," said James Saccacio, chief executive for RealtyTrac.
See MarketWatch story for audio of full interview with a RealtyTrac executive.