Current real estate firm reports and statistics show the number of households in the U.S. trapped in foreclosure during the first quarter of this year has increased about 7% from the previous quarter.
With about 216,260 properties receiving foreclosure notices, reports indicate that California foreclosures account for about 23% of the U.S. first-quarter foreclosure actions.
This demonstrates that lenders are beginning to seize properties at a faster pace despite the Obama administration’s efforts to assist homeowners.
RealtyTrac’s Chief Executive Officer James J. Saccacio has commented that, “Lenders are starting to make a dent in the backlog of distressed inventory,”
A congressional panel that has evaluated the Obama administration’s $75-billion foreclosure help program has said that the “Treasury’s response continues to lag well behind the pace of the crisis.”
The year’s foreclosure filings are reported to be 932,234 properties during the first quarter. This is a 16% increase over the first quarter of last year, 2009, RealtyTrac analysts have said.
Also, RealtyTrac reports that in March of this year, here were foreclosure filings on 367,056 properties, this is up nearly 19% from February and up almost 8% from March of 2009. This is being reported as the highest total in a month since RealtyTrac began reporting these numbers in January of 2005.
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These reports and statistics are rather bleak but there is one on one help to stop foreclosure.
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