Quarterly Foreclosure Activity Rises 7%

Foreclosure activity increased 7% in the first quarter, following a substantial spike in March, according to the latest data from RealtyTrac. Foreclosure filings were reported on 932,234 properties in the first quarter, a 7% increase from 4Q09 and a 16% increase from the 1Q09. Foreclosure filings were reported on 367,056 properties in March, up 19% from February and up almost 8% from March 2009. REOs hit a record high for the report in the first quarter, with a total of 257,944 properties repossessed by the lender during the quarter, an increase of 9% from the previous quarter and up 35% from the first quarter of 2009. The data in the first quarter of 2010 followed a very similar pattern to what RealtyTrac saw in the first quarter of 2009: a shallow trough in January and February followed by a substantial spike in March, said James J. Saccacio, CEO of RealtyTrac. He said the high amount of bank owned assets may be further evidence that "lenders are starting to make a dent in the backlog of distressed inventory that has built up over the last year as foreclosure prevention programs and processing delays slowed down the normal foreclosure timeline." A total of 304,799 properties received default notices, down 11% from a peak of more than 342,000 in the 3Q09. Foreclosure auctions were scheduled on 369,491 homes, an increase of 12% from the previous quarter and up 21% from a year ago. A total of 257,944 properties became REO during the quarter, up 35% from the first quarter of 2009.