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A story on Inman News reports that, according to RealtyTrac, foreclosures grew for the second straight month in July, and have now jumped more than 12% in the last two months. That now works out to one foreclosure for every 1,465 households. An interesting comment from the CEO of RealtyTrac: “If the trend from the last two months continues, foreclosures may gather enough momentum to significantly impact the real estate market,” said James J. Saccacio, RealtyTrac chief executive officer. “The numbers for the next few months will let us know if that’s the case.”
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.