Foreclosures increase 7 percent

Foreclosure filings were reported on 932,234 properties in the first quarter, a 7 percent increase from the previous quarter and a 16 percent increase from the first quarter of 2009, according to RealtyTrac’s U.S. Foreclosure Market Report for Q1 2010. One in every 138 U.S. housing units received a foreclosure filing during the quarter.

Foreclosure filings were reported on 367,056 properties in March, an increase of nearly 19 percent from the previous month, an increase of nearly 8 percent from March 2009 and the highest monthly total since RealtyTrac began issuing its report in January 2005.

Ten states account for more than 70 percent of nation’s first quarter total. California alone accounted for 23 percent of the nation’s total foreclosure activity in the first quarter. Florida’s total was second highest, with 153,540 properties receiving a foreclosure filing during the quarter, and Arizona’s total was third highest, with 55,686 properties receiving a foreclosure filing during the quarter.

Despite a nearly 5 percent decrease in foreclosure activity from the previous quarter, Illinois documented the fourth highest foreclosure activity total, with 45,780 properties receiving a foreclosure filing-still a 17 percent increase from the first quarter of 2009. Other states with foreclosure activity totals among the nation’s 10 highest were Michigan, Georgia, Texas, Nevada, Ohio, and Colorado.

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