U.S. Foreclosures Rise 75% In 2007

With mortgage loans becoming increasingly more difficult to refinance and home values declining, the number of U.S. homeowners entering the foreclosure process rose 75 percent in 2007 compared to 2006,  Boston.com reported January 30, 2008.

More than 1 percent of U.S. households were in some stage of foreclosure during the year, up from 0.58 percent in 2006. RealtyTrac, Inc., a foreclosure data company, provided the statistics.

For the year, more than 2.2 million default notices, auction notices, and bank repossessions were reported on about 1.3 million properties.

Read The Boston.com Article