Real Estate Sites Drawing Traffic Due To Foreclosures

February 8, 2008

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Real estate Web sites are featuring a growing number of homes that are in pre-foreclosure and foreclosure.

In March, Yahoo Real Estate launched a site focused on foreclosures with

More regular homebuyers are using these sites to find deals and the U.S. foreclosure rate increased about 80 percent by the end of 2007 compared to a year earlier. "It is what it is. I'm not going to sit here and tell you otherwise," said Bill Staniford, partner at PropertyShark.

"This is a debacle going down from the top of government to the mortgage brokers. There's lots of blame to go round, but the more people in this industry there are, the better off the homeowner."

Traffic to Realty Trac has increased threefold to around 3 million unique visitors per month from 1 million two years ago. It projects that 40 percent of visits are from first time homebuyers instead of investors or brokers.

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