Industry NewsMarkets & Economy

Foreclosure activity escalates in Q1

Utah's foreclosure rate soars
Published on Apr 15, 2010

Properties receiving foreclosure filings jumped 16 percent in the first quarter compared to the same period last year, according to a quarterly report by foreclosure data site RealtyTrac. Filings -- default notices, scheduled auctions and bank repossessions -- went to 932,234 properties, a 7 percent surge from the fourth quarter. That means 1 in every 138 housing units in the country received a foreclosure filing, the report said. March saw the biggest monthly total since RealtyTrac's first U.S. Foreclosure Market Report in January 2005: 367,056 properties posted filings in March -- 39.4 percent of total for the first quarter. "Foreclosure activity in the first quarter of 2010 followed a very similar pattern to what we saw in the first quarter of 2009: a shallow trough in January and February followed by a substantial spike in March," said James J. Saccacio, RealtyTrac's CEO. "One difference, however, is that the increases were more tilted ...

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