Sign of the Times: RE/MAX Partners With RealtyTrac To Add Foreclosure Data To Websites

With a large percentage of homes that are selling being ones in foreclosure across the country, RE/MAX Regions has decided to partner with RealtyTrac and add foreclosure data to their websites.

I can not find the report I read saying nearly one in three resales in California are foreclosures, but it is not surprising (found – via Inman News). Doug Quance has noticed the same issue here in Atlanta.

But for some RE/MAX brokers to put foreclosure information on their listing page in competition with their full listings is intriguing. What it tells me is that foreclosures are the dominant housing product on the market and that even full service real estate firms are having to focus on the market to remain viable.

This new feature is the result of a strategic partnership between RealtyTrac (http://www.realtytrac.com), the national leading source of foreclosure data; Reliance Network, a leading developer of Web-based applications for real estate companies and four independently owned RE/MAX Regions.

In 2007, more than 2.2 million foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on more than 1.2 million properties nationwide. This represents a 75 percent increase in total filings from 2006. The number of foreclosures continues to increase significantly in 2008 as millions of adjustable rate mortgages with teaser rates are reset.