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Foreclosure rates surge, biggest jump in 5 years

Had you heard this?

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 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.

Link below.


Asked by Anonymous at 9:08 AM on Apr. 15, 2010 in Politics & Current Events

This question is closed.
Answers (12)
  • Sure glad Obama put a billion dollar stimulus pland in place to get Americans working... Ohhh wait.. NOPE~ that didn't work.. Well at least he spent tax payer money on a loan modification plan..... Errrr, That didn't work either....  It's not Obama's fault. But he isn't doing much to strengthen the US economy and put Americans to work..SURE wish we had someone with REAL private sectors business experience in the White House/Admin that was PRO small business tax cuts/holiday's to get Americans working....  Maybe then we could see some REAL job creation...  Who wants to hire when the fear of being penalized with higher health care employee costs are lingering... jmo


    Answer by grlygrlz2 at 9:25 AM on Apr. 15, 2010

  • Anonymous

    Answer by Anonymous at 9:09 AM on Apr. 15, 2010

  • Wow, I knew there were more foreclosures but I had no idea how many more. There are two nice sized homes around the corner from me that went into foreclosure. One has a sale pending, but depending on the sales price that really screws the surrounding homes on their property values.


    Answer by QuinnMae at 9:13 AM on Apr. 15, 2010

  • The second wave it hitting. People can only hold on for so long.

    Answer by mancosmomma at 9:18 AM on Apr. 15, 2010

  • One of my neighbors down the street is having a moving sale this morning! How sad!

    Answer by tyme4me2day at 9:18 AM on Apr. 15, 2010

  • It's sad to see people lose their homes.

    Answer by MunchMunch at 11:02 AM on Apr. 15, 2010

  • Crickets.

    Answer by MunchMunch at 11:30 AM on Apr. 15, 2010

  • We know a family in my daughter's neighborhood who have been trying to get out of their situation, not paying their mortgage payment,since the summer of 2008. They declared bankruptcy ....but before that,they bought a new minivan,went on a trip to Hawaii, installed a hot tub in their backyard, all in preparation for declaring bankruptcy. They could write off all that debt. That's how many people are doing it. This has been happeneing for about 4 years. It is disgusting and wrong because then the homes in the neighborhood all lose their values and everyone loses.AND, that couple have no credit rating and will have to rent homes and deal with all purchases in cash because no bank will allow them to open a checking account. And all of these cases happened before Obama was elected.

    Answer by Anonymous at 11:36 AM on Apr. 15, 2010

  • I am pretty sure that bankrupcy law has been tightened and there is only so much you can write off.

    Answer by Anonymous at 11:46 AM on Apr. 15, 2010

  • I am pretty sure that bankrupcy law has been tightened and there is only so much you can write off.

    They were tightened, but not enough. You can still get away with padding your assets before you declare as long as you plan it correctly and it can be shown you bought all the crap before you ever contacted the attorney. If you run out and buy a bunch of stuff the week after you talk to them, then you (and the attorney) can get in trouble.

    Answer by NotPanicking at 1:55 PM on Apr. 15, 2010