Foreclosure Filings Up Sharply

Report shows filings jumped 57 percent from a year ago.

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RealtyTrac's March 2008 U.S. Foreclosure Market Report shows that foreclosure filings nationwide increased 5 percent from the previous month and 57 percent from a year earlier. All told, 1 out of every 538 households received a foreclosure filing in March, the report says.

"The March numbers show that overall foreclosure activity so far this year continues to run nearly 60 percent above the levels we saw last year," said James J. Saccacio, chief executive officer of RealtyTrac. "On a year-over-year basis, default notices were up nearly 57 percent and bank repossessions were up nearly 129 percent, but auction notices were up only 32 percent, indicating that more defaulting homeowners are simply walking away and deeding their properties back to the foreclosing lender. This deed-in-lieu-of-foreclosure process allows the lender to take possession of a property without putting it up for public foreclosure auction."

Press release here.