It was announced Monday that NYSE has halted trading in shares of American Home Mortgage. The lender is expected to produce an announcement disclosing some significant news that will affect its stocks, which last traded at around $6, down more than 30% from Friday and down 70% so far this year. In 2005, shares of American Home Mortgage were priced at $40 and above.
Analysts from Lehman Brothers, RBC Capital Markets and JMP Securities LLC downgraded American Home Mortgage Investment.
In other news, a report on foreclosures issued yesterday showed a 58% increase in the first half of this year. RealtyTrac Inc. said that 573,397 properties have reported some sort of foreclosure activity in the first six months of 2007, compared to last year’s 363,672. Foreclosures are up 32% from the second half of 2006, when the number of properties affected was 433,504. RealtyTrac used a new method of counting foreclosures that eliminates double reporting of the same property if it gets several foreclosure filings. According to RealtyTrac CEO James J. Saccacio, foreclosure filings could surpass 2 million this year.
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