Foreclosure.com: New Foreclosures Surge

New foreclosed residential properties surged by 50% in March, according to Foreclosure.com, an online foreclosure listing service based in Boca Raton, Fla.Such foreclosures totaled 28,190 in the United States in March, and the nationwide inventory of foreclosed residential properties totaled 80,757, up 10% from that of February, the company reported. "Foreclosures are most prevalent in areas of the country where home values are not rising, such as Ohio, Texas, South Carolina, and Michigan," said Brad Geisen, president and chief executive officer of Foreclosure.com. "However, if the combination of rising interest rates and dropping home values continues, foreclosure inventory will likely continue to rise across the country." The company can be found online at http://www.foreclosure.com.