First Quarter Foreclosures Hit Record Levels

04.15.10 | FL News Team

Foreclosure activity spiked seven-percent in the first quarter of 2010 compared to the last quarter of 2009. March was the worst month on record with the highest number of foreclosures since RealtyTrack started following the trend in 2005. Activity shot up 16-percent from the same quarter in 2009 with more than 932-thousand properties in peril. RealtyTrack CEO James Saccacio said the latest figures are different in that many of the properties are in the late stages of foreclosure and bank repossession. Analysts see that as a sign that lenders are starting to make a dent in the backlog of distressed inventory.

 Nevada, Arizona and Florida continued to lead the nation in foreclosure activity and a total of ten states accounted for 70-percent of all filings in the United States. In Nevada, one out of every 33 housing units went into foreclosure compared to one in 49 in Arizona and one in every 57 in Florida. California had the fourth-highest rate, despite a six-percent decrease in foreclosure activity.