Foreclosure Increases 24 Percent in March
Experts fear that the number of Americans facing foreclosure threats is on the rise as a study revealed that foreclosure filings increased by 24 percent in March from 7 percent of the previous month.
The US housing industry is the most affected industry due to economic recession, with government-subsidized lenders Fannie Mae and Freddie Mac reporting financial meltdown.
Experts fear that the number of Americans facing foreclosure threats is on the rise as a study revealed that foreclosure filings increased by 24 percent in March from 7 percent of the previous month.
Meanwhile, experts said that the rise of foreclosure filings, which include repossessions and auction notices, is due to the suspension of eviction orders from lenders and banks to give more time to homeowners to find a way to pay their debts. And since mortgage institutions have already lifted the moratorium, foreclosure filings in March jumped to 17 percent compared to the previous month.
According to foreclosure researched group RealtyTrac, auctioned and repossess properties during the first quarter reached to more than 803,000, with nearly half of these happened in March.
In an interview with RealtyTrac chief executive James J. Saccacio, he said that foreclosure filings in March is the highest in the first quarter, adding that the increase is caused by the lifting of suspension of foreclosure.
While the increase of foreclosure filings means more Americans are losing their homes, bank repossessions last month declined by 3 percent from February or 13 percent decrease compared to the previous quarter, the research group said.
Meanwhile, RealtyTrac has named California, Arizona, Illinois, Florida, and Nevada as the worst hit states which accounted for 60 percent of all foreclosure activities in the country.
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