The "Loan Xperts" Blog

RealtyTrac Inc., the leading online marketplace for foreclosure properties, hasreported that the number of foreclosures increased by 35% during the first quarter of 2010. Houses that had been in pre foreclosure jumped by 16% as compared to the same period in 2009. They reported that One in every 138 U.S. housing units received a foreclosure filing during the quarter, with Nevada, Arizona, and Florida posting the top state foreclosure rates.

As it has for the past 13 quarters, Nevada continued to document the nation’s highest state foreclosure rate during the first quarter.

Arizona’s foreclosure activity during this same period increased as well, helping the state to post the nation’s second highest state foreclosure rate for the third consecutive quarter. One in every 49 Arizona properties received a foreclosure filing during the quarter — nearly three times the national average.

With one in every 57 Florida properties receiving a foreclosure filing during the quarter, the state posted the nation’s third highest state foreclosure rate for the second straight quarter. Florida’s 1^st quarter foreclosure activity increased on a quarterly as well as annual basis.

Similarly, The Associated Press also reported that there was a record number of foreclosures during the first 3 months of 2010. A quote from their report reads, "We're finally seeing the banks start to process the inventory that has been in foreclosure, but delayed in processing . . .We expect the pace to accelerate as the year goes on." What they are referring to is the "shadow inventory" that the banks have been sitting on. The AP is also quoted as saying that the Obama administration's $75 billion foreclosure prevention program, HAMP has only been able to help a small fraction of troubled homeowners."