Industry News

National foreclosures dip 13% in March

Up 63% from the same month last year, report shows

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The number of properties entering the foreclosure process in March were down 13 percent from February, but were up 63 percent from the same period a year ago, according to an industry report today. A total of 101,587 properties entered some stage of foreclosure in March, according to RealtyTrac's March foreclosure market report. The report shows a March national foreclosure rate of one new foreclosure for every 1,138 U.S. households. "After rising more than 20 percent during each of the first two months of the year, foreclosure numbers experienced a fairly sharp correction in March," said James J. Saccacio, RealtyTrac CEO. "We saw a similar drop in March of '05, followed by four consecutive months of increases. Many buyers and investors typically start looking for properties in the spring, and that could have provided distressed homeowners a better chance of selling their properties to avoid default or foreclosure." Colorado's foreclosure rate leapfrogged to highest among the states ...