Foreclosures up 24 percent in first quarter

Thursday 16.04.2009 (17 months ago)
USA :: Property News

The number of US households threatened with losing their homes climbed 24 percent in the first three months of this year and is set to rise further according to data released Today.

Nationwide, nearly 804,000 homes received at least one foreclosure-related notice from January through March. During the quarter, Ohio was the state with the seventh highest number of homes with foreclosure activity up 1 percent from a year earlier.

In March, more than 340,000 properties were affected nationwide, up 46 percent from a year earlier. In Ohio 12,600 homes received foreclosure notices during the month, 12 percent more than the same period in 2008.

Fannie Mae and Freddie Mac, together with many banks temporarily halted foreclosures in advance of Obama's plan.

However, armed with the details about which borrowers qualify for the loan modification program, the mortgage industry has begun foreclosing on delinquent borrowers.

Although this is bad news for some, it is heaven sent for serious property investors who continue to snap up high yielding properties in areas like Buffalo and Rochester.

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