Home Foreclosures Hit A Record

home foreclosures

Foreclosures hit a record in the first quarter. According to RealtyTrac Inc. more than 900,000 households   or one for every 138 homes   received a foreclosure notice in the past three months. Experts say it s a sign that banks are beginning to sort through a backlog of troubled homes at a faster pace. The rate of foreclosures had eased last year as the Obama administration sought to modify loans to give owners more time to work out problems. As several states had similar programs, the trend of foreclosures slowed down, but now that appears to be reversing.  We re finally seeing the banks start to process the inventory that has been in foreclosure, but delayed in processing. We expect the pace to accelerate as the year goes on,  said Rick Sharga, a RealtyTrac senior vice president. Read more