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'06 Foreclosures Climb

Default Research releases report

January 4, 2007

By MortgageDaily.com staff

Loans made to subprime borrowers were the main contributor to skyrocketing foreclosures last year.

The number of housing foreclosures rose sharply nationwide, Default Research announced, noting that it processed more than 250,000 pre-foreclosures in 2006.

And, "you can expect to see the foreclosure rate to continue to increase in 2007 -- not as much as 2006," said Serdar Bankaci, president and chief executive of Default Research, in the announcement.

The volume of subprime mortgages granted in the past few years was amongst the "very important" factors Default Research cited for supporting the high foreclosure activity, as well as the dramatic increase in energy costs, slowing home sales and rate adjustments.

The three states with the largest increase in foreclosure activity were Nevada -- up 166 percent year-over-year, Florida with an upturn of almost 144 percent and California with a 128 percent rise, the real estate foreclosure research company said.

The smallest increase was reportedly in Washington, up only 18 percent.

Default Research claims its leads arrive two to three weeks ahead of the competition.

Through Dec. 11, 2006, nearly 877,000 homeowners nationwide had been forced into foreclosure so far in the year -- up about 37 percent from all of 2005, according to an announcement from ForeclosureS.com, which says it offers more than 1.4 million listings of current foreclosure statistics by state, county and foreclosure notice type for investors.

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