Foreclosure Filings Climbed in March

I DOUBLE dare you… to read this entire article

That’s it; read it… whether or not you need to learn about how foreclosure filings spiked in March regardless of the mortgage industry, real estate and government hard work to maintain folks in their homes, according to information from RealtyTrac published today; however foreclosure fillings fell in Maryland

RealtyTrac calculated 341,180 filings nationally, which can vary from default notices to bank repossessions. That was up and about 17 percent from April and 46 percent from March 2008. That is the highest monthly sum since RealtyTrac started gathering this data in 2005. RealtyTrac, a private firm, says its information incorporates more than 90 percent of U.S. households.
The spike in filings in all probability was interconnected to the conclusion of several foreclosure moratoriums across the country, said Daren Blomquist, a RealtyTrac spokesman. Several of the newest filings symbolize lenders starting the foreclosure procedure on delinquent homeowners, he said.

For the first quarter, foreclosure filings went up by 9 percent compared with the preceding quarter and were up 24 percent from the first quarter of 2008.

Nevada and Arizona had the highest foreclosure rates throughout the quarter. Foreclosure filings in the District and Maryland fell during the quarter, although they increased in Virginia.

This comes as a small number of lenders start to put into practice President Obama administration’s foreclosure prevention program. Under the program, lenders are paid to reduce borrowers’ payments to more reasonable levels. Ocwen Financial Corp., a Florida mortgage servicer, for example, said earlier this week that it had started offering the modifications to clients.

President Obama administration has said it expects to be able to help up to 4 million homeowners under the program. Although it could take months for the program to have a significant impact.

Carlos Sagastume

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Posted by Carlos Sagastume on April 16, 2009. Filed under HUD Homes. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry