932,234 Properties: Foreclosure Filings Set New Highs in 1st Quarter

Foreclosure salesForeclosure actions set too many records in the first quarter – the highest monthly total in March and the highest quarterly number for bank repossessions, or REOs – with 932,234 properties affected, a 7 percent increase from the previous quarter and a 16 percent jump from a year ago.
Foreclosure filings – default notices, scheduled auctions and bank repossessions – were reported on 367,056 properties in March, an increase of nearly 19 percent from the previous month, up nearly 8 percent from March 2009 and the highest monthly total since RealtyTrac began issuing its report in January 2005.
“Foreclosure activity in the first quarter of 2010 followed a very similar pattern to what we saw in the first quarter of 2009: a shallow trough in January and February followed by a substantial spike in March,” said James J. Saccacio, chief executive officer of RealtyTrac.
Saccacio added that actions for the quarter leaned toward final stages of foreclosure, a possible indication that lenders “are starting to make a dent in the backlog of distressed inventory that has built up over the last year as foreclosure prevention programs and processing delays slowed down the normal foreclosure timeline.”
The first-quarter results bolster the claims of a broad coalition of critics of the government’s recently expanded foreclosure mitigation program. A watchdog Congressional panel yesterday said the Home Affordable Modification Program, HAMP, is not able to keep pace with the rate of foreclosure actions.
Foreclosure auctions were scheduled for the first time on a total of 369,491 properties in the first three months of the year, the highest quarterly total for scheduled auctions, with increase of 12 percent from the previous quarter and up 21 percent from the first quarter of 2009.
For the past 13 quarters, Nevada has had the nation’s highest state foreclosure rate. One in every 33 Nevada housing units received a foreclosure filing in the first quarter, more than four times the national average and an increase of nearly 15 percent from the previous quarter.
Arizona registered the second highest number of filings. One in every 49 Arizona properties got a foreclosure filing in the quarter — nearly three times the national average. Florida was third highest, with one in every 57 Florida properties affected.
California foreclosure activity decreased 6 percent from the first quarter of 2009, but it came in with the fourth highest foreclosure rate — with one in every 62 housing units receiving a filing.
Round outing the ten states with the highest rates are: Utah, Michigan, Georgia, Idaho, Illinois and Colorado. The ten states accounted for more than 70 percent of the first quarter total of foreclosure filings.
See Related Articles:

Leave a Reply

Your email address will not be published. Required fields are marked *