U.S. FORECLOSURE INDEX: Foreclosures Soar in March, Up 44 Percent Over February’s High

[Purveyor]

Source: Business Wire

Lenders End Moratoria, Opening Flood of Foreclosures; Re-Defaults and Job Losses Also Take Their Toll

SACRAMENTO, Calif.--(BUSINESS WIRE)--Completed foreclosures hit another monthly record in March as 175,199 homes were lost to foreclosure, up 44 percent from February’s record high, according to the latest U.S. Foreclosure Index released today by ForeclosureS.com, a leading real estate information provider.

The number of foreclosed properties was up dramatically from 121,756 in February. Nearly 370,000 properties have been repossessed by lenders so far this year – 18.3 of every 1,000 households – up more than 38 percent from 266,986 in the fourth quarter of 2008, the U.S. Foreclosure Index shows, and up 76 percent from 210,280 in the first quarter of 2008.

The first-quarter 2009 total is the highest quarterly total of completed foreclosures since the foreclosure crisis began. Pre-foreclosure filings – filings that could lead up to a completed foreclosure – also reached their highest quarterly level, topping 600,000 for the first time since the foreclosure crisis began.

While February and March headlines boasted of government efforts to stop foreclosures, in fact March was the first month when major government-backed lenders – including Fannie Mae and Freddie Mac – lifted moratoria on many properties in the first week of March. Only properties eligible for modification under the Obama administration’s plan were covered by continuing foreclosure moratoria, according to statements by the two agencies.

Read more: http://www.businesswire.com/portal/site/google/?ndmViewId=news_view&newsId=20090415005230&newsLang=en

[Oregone]

1. Economic news couldn't be worse today

We are headed for some really hard times. Ill let you know if there is light at the end of the tunnel once we are in it.

[sarcasmo]

2. We may be next. I just hate Michigan, love the beauty, hate the economy.

[AzDar]

3. Foreclosures will continue to rise until people can pay their mortgages, it's that simple.

They. Need. JOBS!!!

[Dappleganger]

8. Bingo! nt

[JVS]

4. Is this going to trigger a whole new round of CDS obligations not being met?

[OneBlueSky]

5. one of the saddest aspects of this whole foreclosure thing is . . .

that banks and other mortgage holders often don't even want the properties that they foreclose on . . . in some communities (i.e. the poorer ones), the homes are just left to the looters and the weather, while the families that used to occupy them struggle to find other places to live . . . you'd think that something could be worked out so that the families could retain their use of the properties -- and maybe even ownership -- in a way that satisfies the mortgage holders over the long term . . .

in many ways, this system that results in foreclosures and kicking families out of their homes is an insane one that really doesn't benefit anybody -- not the banks, not the families, not the neighborhoods . . . there's gotta be a better way . . .

[izquierdista]

6. Bankers are stupid

They know absolutely nothing about real estate, except that an appraiser tells them that it is worth money, on which they profess to be experts. They belong in the same league as faith healers and fortune tellers.

[pokercat999]

7. Maybe your home town banker would know something

about the local market. A local branch of a large bank might know their neighborhood real estate market. But loans today are made by computers and they don't know much of anything.

[TheMadMonk]

11. Once all the dust has settled, the land will be worth more ...

...as a vacant block. Saw a story a while back about a lender begining forclosure procedings, causing the property to be vacated, but then backing out once it was trashed, leaving the original owner with the bill for cleaning up/removing the now derelict and condemned building. Nor was this an isolated case.

I would not be at all surprised for the figures to show that forclosures are only being taken to completion on properties with immediate resale potential, wilst those with future development potential are "made vacant", but then left in the hands of the mortagee until the land has been cleared.

[OneBlueSky]

13. I think I saw that one as well . . .

bankers really ARE among some of the stupider people I've run across . . . every time there's a choice, they always pick the "lose/lose" over the "win/win" while genuflecting at the altar of short-term returns . . . dumb . . .

[chill_wind]

9. Not good.

:-(

[goforit]

10. Then why was the stock market up?

[Mr. Hyde]

12. good question. I think there's a lot of unfounded optimism and possibly some market manipulation

at work. Some folks can't afford to be pessimistic so they "press it". But there's not a single encouraging economic fundamental from what I've seen. As such, I won't put my money anywhere near the stock market right now. There is no economic growth, only economic contraction. This reality has to kick in at some point.

[OwnedByFerrets]

15. The "market" doesnt give a rats ass about middle america

[OwnedByFerrets]

14. The Hope for Homeowners Act has been a complete

and utter disaster. According to NPR this morning, only ONE homeowner has been helped by the 300 Billion dollar program. And while our congress critters sit on their fucking asses, more and more families lose their homes.