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Foreclosures Hit New Record High In March, Up 44% Over February

The recent updates on U.S foreclosure registered a new record of 175,199 homes lost to foreclosure during March 2009. This figure shows a 44 percent rise against February 121,756  as released by ForeclosureS.com, a leading realty online publication. Of all the foreclosure properties, lenders successfully took possession of approximately three hundred seventy thousand homes up to date this year, increase by more than 38% percent from 266,986 compare to the final quarter of 2008.

Recently the foreclosures started increasing in number and reach its record high during the first quarter of 2009. Ever since the emergence of foreclosure crisis, filings prior to completed foreclosure known as pre-foreclosure filings also reached its highest quarterly level, topping 600,000 for the first time since the crisis started.

President Obama administration’s housing plan reached the newspaper headlines by the end of February pointing to cease the growing number of foreclosures. Early in the first week of March premium government-backed loan providers such as Fannie Mae and Freddie Mac lifted foreclosure moratorium on many properties. According to the two agencies only properties qualify for the Obama administration’s housing plan will continue to receive protection under foreclosure moratoria.

In response to these changes in foreclosures, Alexis McGee, a foreclosure expert, educator and author says that foreclosure has abruptly increased in number because of the rising unemployment, increasing abandonment of properties and delayed foreclosures since the crisis began.