http://www.reuters.com/article/idUSTRE63E3DY20100415
The government aid, intensified in late March, has so far failed to overcome the staggering effects of nearly double-digit unemployment and wage cuts on borrowers.
Foreclosure activity jumped 19 percent to a monthly record in March, driving first-quarter actions up 7 percent from the prior quarter and 16 percent from a year ago to a record of more than 932,000 properties.
One in every 138 U.S. households got a foreclosure filing in the quarter such as a notice of default, auction or bank repossession.
Banks took back more than 257,000 properties in the quarter, a record high, putting repossessions on pace to shatter last year’s record of more than 918,000 properties.
“If there’s going to be a modification program that really has a material effect this year, it’s not there yet,” Rick Sharga, senior vice president at RealtyTrac, told Reuters.
Government and lender efforts to alter loan terms for borrowers at risk of losing their homes have resulted in more temporary than permanent fixes, delaying the inevitable.
Foreclosure auctions were scheduled for the first time on nearly 370,000 properties in the first three months of 2010, a quarterly record, up 21 percent from the same time last year.
Great they are finally gearing up. Now if we can get a 300%+ increase, we’ll actually have something that could have a significant impact on the market around here.
Great they are finally gearing up. Now if we can get a 300%+ increase, we’ll actually have something that could have a significant impact on the market around here.
Great they are finally gearing up. Now if we can get a 300%+ increase, we’ll actually have something that could have a significant impact on the market around here.
Great they are finally gearing up. Now if we can get a 300%+ increase, we’ll actually have something that could have a significant impact on the market around here.
Great they are finally gearing up. Now if we can get a 300%+ increase, we’ll actually have something that could have a significant impact on the market around here.
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