More than 155,000 families have lost their homes to foreclosure this year; one out of every 194 U.S. households received a foreclosure filing

April 29, 2008

By Les Christie (View author info)

Foreclosure filings in the first three months of 2008 rose more than 112% over last year, according to a study released Tuesday. Real estate information firm RealtyTrac reported that nearly 650,000 foreclosure filings - which include notices of default, auction sales and bank repossessions - were issued in the first quarter. That represents 1 of every 194 households and marks a 23% increase from the last quarter of 2007. So far this year 156,463 families have lost their homes to repossessions. "Foreclosure activity hasn't slowed down yet," said Rick Sharga, spokesman for RealtyTrac. "But I was a little surprised that foreclosure filings more than doubled since last year."The worst hit states are still clustered in the Southwest; Nevada, California and Arizona lead the nation in foreclosure filings. And some local governments have stepped up their programs to help borrowers, according to RealtyTrac CEO James Saccacio. "For example, in late March Philadelphia issued a temporary moratorium on all foreclosure auctions for April," he said. "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 to create a loan workout plan that would prevent foreclosure.

Instructions:

Click here to find the remainder of the article