Foreclosures Rose 24% in First Quarter

Rate expected to rise through the summer
By Newser Editors and Wire Services
Posted Apr 16, 2009 8:31 AM CDT
Foreclosures Rose 24% in First Quarter
In this Feb. 17, 2009 file photo, a foreclosure sign sits outside a home for sale in Phoenix. RealtyTrac releases foreclosure data for the first three months of the year on Thursday.   (Ross D. Franklin)

The number of American households threatened with losing their homes grew 24% in the first 3 months of this year and is poised to rise further as major lenders restart foreclosures after a temporary moratorium, figures out today show. Though the Obama administration has invested $75 billion to help up to 9 million borrowers avoid foreclosure, lenders' willingness to go along with the plan isn't clear.

Nationwide, nearly 804,000 homes received at least one foreclosure-related notice from January through March, up from about 650,000 in the same time period a year earlier. Nearly 191,000 properties completed the foreclosure process and were repossessed by banks in the quarter. The number, down 13% from the fourth quarter of last year, is expected to rise through the summer and then possibly taper off. (Read more foreclosures stories.)

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