Foreclosure Rates Surge, Biggest Jump in 5 Years

[The Northerner]

Source: Daily Finance

LOS ANGELES -A record number of U.S. homes were lost to foreclosure in the first three months of this year, a sign banks are starting to wade through the backlog of troubled home loans at a faster pace, according to a new report.

RealtyTrac Inc. said on Thursday that the number of U.S. homes taken over by banks jumped 35 percent in the first quarter from a year ago. In addition, households facing foreclosure grew 16 percent in the same period and 7 percent from the last three months of 2009.

More homes were taken over by banks and scheduled for a foreclosure sale than in any quarter going back to at least January 2005, when RealtyTrac began reporting the data, the firm said.

"We're right now on pace to see more than 1 million bank repossessions this year," said Rick Sharga, a RealtyTrac senior vice president.

Foreclosures began to ease last year as banks came under pressure from the Obama administration to modify home loans for troubled borrowers. In addition, some states enacted foreclosure moratoriums in hopes of giving homeowners behind in payments time to catch up. And in many cases, banks have had trouble coping with how to handle the glut of problem loans.

These factors have helped slow the pace of foreclosures, but now that trend appears to be reversing.

Read more: http://www.dailyfinance.com/article/foreclosure-rates-surge-biggest-jump-in/523122/

[Donnachaidh]

1. the banks and Wall Street got their bailouts, and now they are back to raping consumers

But but but -- the Economy is getting BETTER!!!!!!!!

:eyes:

[DJ13]

2. This is what happens when you fix a consumer recession by propping up the banks

[OhioChick]

3. +1 n/t

[HughMoran]

4. Suck

I hope this starts improving soon. I know my neighbor deserted their house (not sure why), the house was destroyed by burst pipes, it was sold and now it's almost finished being gutted and refurbished.

[valerief]

5. Ah, those wealthy credit default swaps investors are getting richer and richer.

It pays (to them) to not have Americans working or in good health.