US foreclosure filings surge 55 percent - Forbes.com: "As foreclosures soar, banks and mortgage investors are also facing a pileup of foreclosed properties on their books and are cutting prices dramatically.
RealtyTrac noted that it had more than 750,000 foreclosed homes in its database of properties for sale, equal to about 17 percent of the 4.5 million U.S. homes that were up for sale in June.
To speed up the disposition of the 54,000 foreclosed properties it owns, Fannie Mae (nyse: FNM - news - people ) is opening offices in California and Florida and is considering selling those properties in bulk to investors. 'I do not think this is a time to be holding onto (foreclosed properties) hoping for a better day,' CEO Daniel Mudd said last week."
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