US foreclosures 'back with a vengeance'

By Alan Zibel | April 17, 2009, Friday |

Print Edition

THE number of United States households threatened with losing their homes grew 24 percent in the first three months of this year and is poised to rise further as major lenders restart foreclosures after a temporary break, according to data released yesterday.

The big unknown for the coming months, however, is United States President Barack Obama's plan to help up to 9 million borrowers avoid foreclosure through refinanced mortgages or modified loans. The Obama administration expects its plans to make a big dent in the foreclosure crisis. But it remains to be seen whether the lending industry will fully embrace it, despite US$75 billion in incentive payments.

The faltering economy is causing the housing crisis to spread. Across the United States, nearly 804,000 homes received at least one foreclosure-related notice from January through March, up from about 650,000 in the same time period a year earlier, according to RealtyTrac Inc, a foreclosure-listing firm.

In March, more than 340,000 properties were affected nationwide, up 17 percent from February and 46 percent from a year earlier.

Foreclosures "came back with a vengeance" last month and are likely to keep rising, said Rick Sharga, RealtyTrac's senior vice president for marketing.

Nearly 191,000 properties completed the foreclosure process and were repossessed by banks in the quarter.

Real Estate

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US foreclosures 'back with a vengeance'

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