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U.S. Foreclosure Filings Rise 16% as Bank Seizures Set Record

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    U.S. Foreclosure Filings Rise 16% as Bank Seizures Set Record

    April 15 (Bloomberg) -- Foreclosure filings in the U.S. rose 16 percent in the first quarter from a year earlier and bank seizures hit a record as lenders stepped up action against delinquent homeowners, according to RealtyTrac Inc.
    A total of 932,234 homes, or one out of every 138 households, received a default or auction notice, or were repossessed by banks, the Irvine, California-based firm said today. In March, filings rose 8 percent to the most in any month since RealtyTrac began publishing reports in January 2005.
    Unless things change, and I mean in a big way, we may see as many as 6 million homes foreclosed on in 2010 - or roughly 5% of the entire US housing stock. There is no way that this scenario wouldn't deflate the real estate market to the point of extreme pain and the fallout from there would be stupendous.

    The full story can be found here:
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