Industry News

Real estate foreclosure rate soars in first quarter

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Foreclosures jumped 72 percent in first-quarter 2006 compared to first-quarter 2005, according to RealtyTrac, a company that tracks U.S. properties that have entered the foreclosure process. The first-quarter 2006 foreclosure report revealed that 323,102 properties nationwide entered some stage of foreclosure, up 38 percent from fourth-quarter 2005. The nation's quarterly foreclosure rate of one new foreclosure for every 358 U.S. households was higher than in any quarter of last year, the company also reported. RealtyTrac publishes a national database of pre-foreclosure and foreclosure properties and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate, AOL Real Estate and Knight Ridder Online. The latest market report includes properties in a notice of default, lis pendens, notice of trustee sale or notice of foreclosure sale process, and those real estate owned (REO) properties that have been re-purchased by a bank. "The sharp increase in foreclosures ... continu...