2007 Foreclosure Report

Foreclosures across the country soared an incredible 75% in 2007, according to RealtyTrac, a company that sells foreclosure properties. In December of 2007, foreclosures were up 97% compared to December 2006.

There were a total of 405,000 households that lost their homes last year, with more than 1% of all US families in some stage of foreclosure during 2007. In California, almost 66,000 foreclosures took place last year, and in Michigan 47,000 families lost their homes. Hard hit also was Nevada, where 10,000 households were foreclosed.