IRVINE, CA– April 10, 2008 – RealtyTrac™ (http://www.realtytrac.com/), the leading online marketplace for foreclosure properties, and Reliance Network LLC (http://www.reliancenetwork.com/), a leading developer of Web-based applications for real estate companies and agents, today announced a new agreement and strategic partnership that will allow Reliance Network’s clients to have real-time access to RealtyTrac’s nationwide foreclosure database of default, auction and bank-owned properties.
Several Reliance Network clients will start receiving the data immediately.
“This is an exciting partnership between Reliance Network and RealtyTrac,” said Rick Sharga, (top left photo) vice president of marketing at RealtyTrac. “This new search application will pull real-time data directly from RealtyTrac’s nationwide foreclosure database, providing users of Reliance Network-powered websites with a method to access distressed properties, including properties in pre-foreclosure, auction or bank-owned properties. That in turn will help drive more traffic and leads to the agent websites.”
With real estate in a downturn in most markets nationwide, the foreclosure marketplace is one of the few growing areas in real estate. During 2007, there were more than 2.2 million foreclosure filings — default notices, auction sale notices and bank repossessions — reported on more than 1.2 million properties nationwide, a 75 percent increase in total filings from 2006.
“We are delighted to complete the integration of RealtyTrac’s database into the Reliance Network website system,” said Mike Soroker, Reliance Network’s CEO. “We are always looking to enhance our product service offering to our client’s customers, and the addition of RealtyTrac and its leadership position certainly meets with this goal. Both Reliance Network and RealtyTrac are well positioned to take advantage of the ever changing real estate market.”
Mike Bujnowski, Reliance Network COO, added: “We are fortunate to partner with RealtyTrac because they share our common demonstrated belief in providing high-quality, technically sound product resources to consumers. As our partnership expands and develops, we expect to deliver even more product services our users will value.”