RealtyTrac reported that foreclosure filings in the first quarter were up 23% from 4Q07, and up 112% from a year ago. The firm said that one in every 194 households received a foreclosure filing during the quarter.
"Foreclosure activity in the first quarter increased on a year-over-year basis in 46 out of the 50 states and in 90 of the nation's largest metro areas, " CEO James J. Saccacio said, warning that some programs around the country that have placed moratoriums on foreclosure auctions or proceedings might simply be deferring foreclosures. "And that could extend the length of time it takes the market to recover from this downward cycle, in which we've already seen seven consecutive quarters of increasing foreclosure activity."
Nevada, California, Arizona and Florida ranked in the top four in foreclosure filings.