Foreclosure Activity Seen Rising 33 Pct

March 26, 2007
Foreclosure Activity Seen Rising 33 Pct

SAN FRANCISCO (Reuters) - Foreclosure activity across the United States will rise by 33 percent this year as lenders tighten standards amid a jump in defaults on subprime mortgages, according to a RealtyTrac Inc. report released on Monday.

"Based on our numbers for the first two months of 2007, foreclosure activity is running at a rate that would project to a 33 percent increase over 2006," RealtyTrac Chief Executive James Saccacio said, adding that "we're going to continue to see a spike in the number of homeowners facing foreclosure."

Colorado, Florida, Georgia, Michigan, Tennessee, Ohio, Texas, Arizona and Indiana followed Nevada on the list of states with 10 highest foreclosure rates in February.