Industry News

Foreclosure filings rise in March, RealtyTrac reports

Five states account for half of nation's foreclosure filings

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Foreclosure filings in March jumped 47 percent compared to the same month last year, to a rate of one foreclosure filing for every 775 U.S. households, online foreclosure marketplace RealtyTrac reported today. The company reported 149,150 foreclosure filings -- including default notices, auction sale notices and bank repossessions -- in March, which represents a 7 percent rise from the adjusted February total. California, Florida, Texas, Michigan and Ohio -- the five states with the most foreclosure filings in March -- accounted for half of the nation's foreclosure filings. All five of these states had foreclosure rates above the national average in March. Slowing sales and price appreciation, along with the impact of rising mortgage payments for home buyers who got in over their heads with exotic loans, have contributed to the rising tide in foreclosures. A March report by First American CoreLogic Inc. predicts 1.1 million foreclosures nationwide in the next six to seven years among a...