Foreclosures Up 6 Percent in May 2007 According to Bargain Network

Business Wire, June 11, 2007

One New Foreclosure Filing for Every 772 U.S. Households

SANTA BARBARA, Calif. -- Bargain Network (bargain.com), a leading online provider of real estate foreclosures, pre-foreclosures and for-sale-by-owner property listings and information reported today that the number of properties entering some stage of the foreclosure process in May 2007 climbed approximately 6% to 149,000 listings compared to April 2007. This also marks a 38% increase in foreclosure listing activity compared to November 2006 when properties in some stage of foreclosure totaled 108,000.

Top Five States Represent 59% of All Foreclosure Activity

For the second consecutive month, five states - Florida, California, Texas, Illinois and Colorado - accounted for 59% of the total number of foreclosure home filings. Florida posted the highest number of foreclosure home listings for the month, with 29,820 homes entering some phase of the foreclosure process - a 22% increase in filing activity over April 2007. California ranked second with 29,530 filings and a 17% increase in foreclosure activity since April 2007. Third place went to the Lone Star State with 11,012 filings, or one foreclosure for every 732 households. Illinois and Colorado rounded off the top five states with 9,525 and 8,662 new listings respectively.

Colorado's foreclosure saturation rate was the highest in the U.S. for May, with an estimated one filing for every 211 households. Florida ran a close second with approximately one foreclosure home filing for every 245 households. The two states each recorded listings more than triple the national average for May of one filing for every 772 households.

While foreclosure activity in some states appears to be leveling off or declining, a few states showed sharp increases in foreclosure home filing activity during May. Hawaii recorded the sharpest increase in foreclosure home listing filings with a 106% increase over the previous month. Vermont (36%), Nevada (27%) and Florida (22%) also reported an increase in foreclosure activity.

The total number of households entering some phase of the foreclosure process in May 2007 decreased in 35 of the 50 states compared to April 2007. South Dakota reduced the total number of foreclosure home listing filings by approximately 40% from the previous month. Other states showing a significant reduction in foreclosure filing activity included Wyoming (down 30%) and the District of Columbia and Tennessee (both down an estimated 29%).

Single Family Foreclosed Homes Still Dominating Listing Activity

Nationwide, the foreclosure listing activity rate dropped slightly from the previous month's high of 87.5% to 85.9% in May. The bulk of the foreclosure activity continues to occur in the single family residence market. The condominium and townhome markets added approximately 7.5% of the foreclosure filings for May 2007, up from 6.6% in April. The remaining estimated 5% of foreclosure activity was comprised of commercial, land, mobile home, multi-family and miscellaneous listings.

* Single Family Residence: A total of 43 states reported more than 80% of their foreclosure listing activity in the single family residence market segment. The national average was 85.9%. Only seven states reported less than 80% of their foreclosure listing activity in single family homes: Alaska, Connecticut, District of Columbia, Florida, Hawaii, Massachusetts and Rhode Island.

* Condo/Townhome: Nine states posted rates of Condo/Townhome foreclosures notably higher than the national average of 7.5%, including Alaska, California, Colorado, District of Columbia, Florida, Hawaii, Illinois, Maryland and Massachusetts. Hawaii topped the list at 30.41%, followed by Florida at 14.35% and California at 11.09%.

* Land: Florida reported 7.57% of the nearly all foreclosure activity in the land market segment, more than twice the national average of 2.84%. Utah (5.81%) and Colorado (4.08%) ranked second and third in total foreclosure filings categorized as "Land Type" real estate properties.

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The Bargain Network Monthly U.S. Foreclosure Trend Report provides foreclosure activity information and changes based on the total number of homes entering some stage of foreclosure nationwide. Data is also available at the individual state level. Bargain Network's report includes real estate properties in all three phases of foreclosure: Pre-foreclosures -- Notice of Default (NOD) and Lis Pendens (LIS); Foreclosures -- Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). For more information, visit www.bargain.com/homes.>

About Bargain Network

Bargain Network (bargain.com) is a leading online provider of fast and accurate information on the pricing, quality and availability of hard-to-find real estate bargains such as pre-foreclosures, foreclosures, and for sale by owner properties. A trusted resource for real estate information for over 10 years, Bargain Network has leveraged leading-edge, proprietary search technology with best-of-breed customer management practices to enable home buyers and sellers to find, evaluate and purchase properties at below market costs. Bargain Network has over 700,000 hard-to-find properties with daily updates. Millions of consumers have used Bargain Network to help them find the right property online at the right price. For more information, please visit http://www.bargain.com.