NEW YORK (Reuters) – Foreclosures in the U.S. are up 46% from a year ago. As numerous programs set up to reverse the tide of red ink expired. Fannie Mae and Freddie Mac had temporary foreclosure freezes in place but they shut down before President Obama’s housing stimulus took effect.
Filings, which include notice of default, auction sale or bank repossession, jumped 17 percent in From February through March. Quarterly filings, up 24% also set a record over the same period last year.
Current numbers are the highest since tracking began in Jan. 2005. According to RealityTrac,
California, Florida, Arizona, Nevada and Illinois accounted for nearly 60 percent of U.S. foreclosure activity in the first quarter, with a combined 479,516 properties receiving filings.