US Foreclosures Jump in March

  • 15 years ago
  • Uncategorized
Foreclosure filings rose in March in the United States to 341,180, according to RealtyTrac. The total number includes bank notices to bank repossessions, so there is some leeway in there for the actual number of people who lost their homes. That figure is up 17 percent from February and 46 percent from March, 2008. For the first quarter of 2009, filings rose 9 percent from the previous quarter and 24 percent from the same time in 2008. Nevada and Arizona both had the highest foreclosure rates for the quarter.
The rapid increase in foreclosure filings comes as many banks and lenders come off of a foreclosure moratorium that was meant to help people and lenders find ways to work out their problems. The Obama administration has introduced a foreclosure prevention program, which lenders are beginning to implement. The administration hopes to help up to 4 million homeowners with the program.
This news comes on top of the most recent home construction data, which showed it slowing to an annual pace of 510,000 units in March. That number is the second lowest on record, and 48.4 percent lower than housing starts in 2008.
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