Foreclosures jump 57 percent in last 12 months

Foreclosures haven’t yet peaked despite a dramatic 57 percent increase in filings and a 129 percent increase in bank repossessions between March 2007 and March 2008, according to a report issued Tuesday by RealtyTrac. Nevada, California and Florida, respectively, experienced the highest level of foreclosure activity for March 2008, the report said.

For my Readers:

• One of every 538 single-family households in the U.S. experienced some form of foreclosure filing during March, the report said. RealtyTrac officials predict record foreclosure activity in the third or fourth quarter of 2008 as subprime ARMs adjust upward.
• In most states, foreclosure occurs in three phases: a Notice of Default is filed after payments are missed, a notice of scheduled auction is filed if steps aren’t taken to remedy the default, and an REO filing occurs when the lender repossesses the property after failure to sell it at auction.
• Nevada, California and Florida experienced the highest foreclosure rates. In California, one in every 204 homes was subject to a foreclosure filing in March for a total of 64,711 properties. March filings were up almost 21 percent from February and approximately 106 percent from a year ago March.