Foreclosures 46% higher in March than a year ago

The number of homeowners facing foreclosure surged in March as lenders lifted temporary moratoriums and resumed legal actions against delinquent mortgage payers.

Foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 341,180 properties in March, 46% more than a year ago and 17% above February's total, RealtyTrac reports today.

One in 159 U.S. housing units received at least one foreclosure notice in the first quarter, for a total of 803,459, according to RealtyTrac, which lists foreclosed properties around the country.

The sharp increase in foreclosures comes as the Obama administration is launching an effort to help as many as 9 million borrowers avoid foreclosure by modifying their loans or refinancing mortgages. Many lenders put a temporary freeze on foreclosures late last year while the administration prepared its program.

Much of March's activity was in new foreclosure actions — bank repossessions fell 3% from February. With most of the moratoriums now lifted, bank repossessions are likely to start rising again.

Source

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And so it returns with a vengeance...foreclosures by banks that are in bankruptcy themselves.

Next you can watch the credit card supplying banks raise rates to their legal maximum before the new regulations go into effect next year.

This is nothing more than last ditch gouging by financial institutions that are unable to conduct business that legally produces profit and should be required by law to fail.

Watch your credit card rates skyrocket this year as banks that are losing money attempt to make you pay for their risky mortgage investments.

Banks aren't going to pay for their losses...you are.


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