March Foreclosures Up 57% Over Last Year; Worst Coming

February gains evaporate
By Kevin Spak,  Newser Staff
Posted Apr 15, 2008 6:55 AM CDT
March Foreclosures Up 57% Over Last Year; Worst Coming
Home for sale signs line a street of a new subdivision in Cascade Locks, Ore., Wednesday, April 9, 2008. The Bush administration announced new steps Wednesday to help more homeowners head off foreclosure. The Senate, in the meantime, worked to complete a bipartisan housing bill the White House says...   (AP Photo/Don Ryan)

Bank repossessions skyrocketed 129% over the 12-month period ending in March, and foreclosure filings rose 57% over the previous year, RealtyTrac announced today. March foreclosure notices rose 5%, after a 4% decline in February. All this “is ongoing fallout from people overextending themselves and using highly toxic loan products,” said a RealtyTrac VP. And it hasn't peaked yet.

“We're going to see quite possibly a record amount of foreclosure activity in the third or fourth quarter,” he said, after interest rates spike on adjustable mortgages in May and June. (More subprime crisis stories.)

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