RealtyTrac, Primedia Join Forces on Foreclosures

According to Ari Monkarsh, vice president of business development at RealtyTrac, the new partnership with Primedia provides Primedia online users with access to the most comprehensive and up-to-date list of foreclosure properties nationwide. Arlene Mayfield, senior vice president and president of Primedia's Apartments and Homes divisions, points out that, "Interest in foreclosure properties is on the rise as consumers continue to consider and evaluate them as potential investment opportunities."

Mayfield says that the new arrangement with RealtyTrac has allowed the Norcross, GA-based firm to meet that consumer demand for information about foreclosed properties while expanding Primedia's housing options and listings on its web sites. For example, in the first quarter of 2009, americanhomeguides.com nearly tripled visits to its foreclosure section and the number of visits to rentals.com increased by 72%, compared with the fourth quarter 2008.

In 2008, more than 3.1 million foreclosure filings—default notices, auction sale notices and bank repossessions—were reported on more than 2.3 million properties nationwide. That was an 85% increase in total filings from 2007 and a 225% increase from 2006. About 50% of the 4.57 million homes sold in March 2009 were bank-owned foreclosures and short sales, according to the National Association of Realtors.

RealtyTrac Inc. is a leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from more than 2,200 US counties. Primedia Inc. began publishing Apartment Guide in 1975 and has since expanded into online sites and other technology designed to assist consumers in searching for homes and apartments.