—>Foreclosures hit an all time record in the first half of 2007, according to Bloomberg. Since the beginning of the year 926,000 foreclosures have been filed, 56% more than a year earlier.

California and Florida felt the pinch last month, as well as Ohio and Michigan. Bloomberg says home prices have fallen as much as 25% in California and Florida.

The jump in 30-year mortgage rates by more than a half a percentage point since May is putting a crimp on borrowers with the best credit just as a crackdown in subprime lending standards limits the pool of qualified buyers. Foreclosures also are increasing as the supply of unsold homes hit a record 4.43 million in May, according to the National Association of Realtors.

Foreclosure rates in ``most states remained substantially above last year's levels,'' RealtyTrac Chief Executive Officer James Saccacio said in a statement.

In June, defaults surged 87 percent to 164,644 from a year ago, said RealtyTrac, a seller of foreclosure data, in the statement today. Last month's total was 7 percent lower than in May. California, Florida, Ohio and Michigan accounted for half the national total in June.

U.S. Foreclosure Filings Jump to Record in First Half (Update3) [Bloomberg]
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