According to a RealtyTrac Inc. report, one in 465 homes in the Houston, TX, area received a foreclosing filing in March. This number is 53 percent higher than it was in March of 2009, and 29 percent higher than it was in February of 2010.
This trend is mirrored at every level, with one in 617 homes receiving a foreclosure filing in Texas and one in 352 receiving a foreclosure filing nationwide.
The 367,056 properties reported to have been foreclosed on in March represent a 20 percent increase from February’s numbers and an 8 percent increase from this time last year. According to RealtyTrac’s U.S. Foreclosure Market Report, this is the highest number of home foreclosures since January 2005.
“Foreclosure activity in the first quarter of 2010 followed a very similar pattern to what we saw in the first quarter of 2009: A shallow trough in January and February followed by a substantial spike in March,” said James Saccacio, chief executive officer of RealtyTrac.
The difference between this year’s foreclosures and the general trend is that previous increases were tilted towards the final stages of foreclosures, whereas today bank repossessions have increased 9 percent on a quarterly basis as opposed to decreasing 13 percent on a quarterly basis in 2009.
Contact the Milwaukee foreclosure defense attorneys of the DeLadurantey Law Office, LLC, at 414-377-0518 if you have questions regarding your legal options when it comes to bankruptcy law.