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Foreclosure rates tend to dip in April because people who are in precarious situations are able to sell their homes during the strong spring buying season. Last year, for example, the number of foreclosures reported nationally fell about 10% in April. But this is no ordinary year. RealtyTrac says foreclosures fell only about 1% this April. They were up
62% from a year earlier. RealtyTrac is now expecting foreclosures for 2007 as a whole to be up around 40% from 2006, vs. the 20-25% increase it was expecting at the start of the year.
For a BusinessWeek slide show of the states with the highest foreclosure rates, click here.
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.