Foreclosure filings rise in first quarter

04.25.09
By Lewis Green

More American families faced the danger of losing their homes to foreclosure during the first three months of 2009, new figures reveal.

According to the RealtyTrac Q1 2009 U.S. Foreclosure Market Report, a total of 803,489 properties received default notices, auction sale notices and were subject to bank repossession during that period.

That number represents a 24 percent increase on figures from the same period in 2008, the company says, with March's totals reflecting the highest number of foreclosure filings RealtyTrac has seen since it began issuing the report in January 2005.

James J. Saccacio suggested this upward trend could be attributed, in part, to the lifting of the foreclosure moratoria that had been imposed by many lenders over the past few months.

"In the month of March we saw a record level of foreclosure activity," he said. "Since much of this activity was in new foreclosure actions, it suggests that many lenders and servicers were holding off on executing foreclosures due to industry moratoria and legislative delay."

What areas of the country were the most badly hit? Metro areas in California, Florida, Nevada and Arizona saw the highest number of foreclosure filings.

The foreclosure rate in Las Vegas was seven times higher than the national average, with one in every 22 homes receiving a notice in the first quarter.

Households that are seeking to avoid foreclosure may want to seek advice from a government-approved counseling agency.

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Foreclosure figures represent a 24 percent increase on figures from the same period in 2008