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Foreclosure activity escalates in Q1

Utah's foreclosure rate soars

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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 ...