Foreclosures during the first quarter of this year rose 112% over the same period of 2007, according to RealtyTrac. Nearly 650,000 properties were foreclosed upon in the first three months of 2008, up 23% from the last three months of 2007. One in every 194 U.S. households received a foreclosure filing during the quarter.
"Foreclosure activity in the first quarter increased on a year-over-year basis in 46 out of the 50 states and in 90 of the nation’s 100 largest metro areas, demonstrating that most regions of the country are seeing more foreclosures,” said James J. Saccacio, chief executive officer of RealtyTrac. “In some areas there are also some unusual, non-market factors impacting the foreclosure numbers. For example, the city of Philadelphia in late March issued a temporary moratorium on all foreclosure auctions for April, and the city has since adopted a program that will delay foreclosure proceedings on owner-occupied properties until the owners have met face-to-face with lenders to attempt a loan workout plan that would prevent foreclosure."