Foreclosure Activity Increases 24% in Q1 2008

Foreclosure filings were reported on 803,489 properties in the first quarter of 2009, a 9% increase from the fourth quarter of 2008 and an increase of nearly 24% from Q1 2008.Filings were reported on 341,180 properties in March, up 17% from February and 46% from March 2008, despite a decrease in bank repossessions (REOs), which were down 13% from the fourth quarter of 2008 and 3% from February totals. Since much of the March 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 delays, said James J. Saccacio, chief executive officer of RealtyTrac. "The drop in REO activity can be attributed to these processing delays, rather than to any of the foreclosure prevention programs currently in place." Nevada, Arizona and California continued to document the nation's highest state foreclosure rate. Filings were reported on 41,296 Nevada properties during the quarter, up nearly 111% from Q1 2008. REO in Nevada were down 3% from the previous quarter, but defaults increased 27% and auction sale notices increased 35%. California accounted for nearly 29% of the nation's total. Foreclosure activity increased 35% from the previous quarter and 36% from Q1 2008. Despite a 12% decrease from the prior quarter, Florida reported filings on 119,220 Florida properties, a 36% increase from the first quarter of 2008.