2.2million homes faced foreclosure filings in 2007. This is more than 50% higher than the 2006 figure.

The city of Detroit led the pack. The four states of California, Nevada, Michigan and Florida were the hardest hit. California is not a surprise because it has the largest U.S population but also a very weak regulator whose poor oversight led to reckless lending by Lenders in the state.

Now what happens after foreclosure high of 2007?

Hopefully, 2007 may be the peak due to the rate cuts by the Feds in order to stave off a recession. Let’s hope this dissuades lenders from resetting rates. This will be a real reprieve