Monday, April 20, 2009

Foreclosure filings up substantially

March foreclosure filings are up 46% year-over-year:
Foreclosure activity skyrocketed in March and the first quarter of 2009 to their highest levels on record as banks lifted moratoria on filings.

Total foreclosure filings — which include default papers, auction sale notices and repossessions — reached 803,489 in the first quarter, according to a report released Thursday by RealtyTrac, on online marketer of foreclosed properties. That is a 24% jump over a year earlier and a 9% increase compared to the previous quarter.

Of those filings, 341,180 happened in March — a 17% increase from February and a 46% jump from March 2008.

The March and first quarter numbers were the highest monthly and quarterly totals since RealtyTrac began reporting in January 2005.
In February, several large banks halted forecloses until March, so the surge of foreclosure filings in March is probably a result of this.

1 comment:

  1. I am shocked to learn that foreclosures are going up now that the moratorium is over! The banks almost had the markets convinced the bottom was in!