Foreclosure activity skyrocketed in March and the first quarter of 2009 to their highest levels on record as banks lifted moratoria on filings.In February, several large banks halted forecloses until March, so the surge of foreclosure filings in March is probably a result of this.
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.
Monday, April 20, 2009
Foreclosure filings up substantially
March foreclosure filings are up 46% year-over-year: