Foreclosure actions spike despite aid

Foreclosure actions spike despite aid


Reuters
April 15, 2010


U.S. home foreclosures actions spiked in March and set a quarterly record despite federal programs to combat the unrelenting pace that homeowners are defaulting on mortgages, RealtyTrac said on Thursday.

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.

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