Foreclosure Rates Surge, Biggest Jump in 5 Years

What? This can’t be right. The economy is all better now, isn’t it? We’re back on track and everything is hunky dory. Clearly this is a mistake. This article was probably stuck in someone’s computer and was meant to go out a year ago. Go back to sleep, nothing to see here, folks. – Foreclosure Rates Surge, Biggest Jump in 5 Years

LOS ANGELES — A record number of U.S. homes were lost to foreclosure in the first three months of this year, a sign banks are starting to wade through the backlog of troubled home loans at a faster pace, according to a new report.

RealtyTrac Inc. said Thursday that the number of U.S. homes taken over by banks jumped 35 percent in the first quarter from a year ago. In addition, households facing foreclosure grew 16 percent in the same period and 7 percent from the last three months of 2009.

More homes were taken over by banks and scheduled for a foreclosure sale than in any quarter going back to at least January 2005, when RealtyTrac began reporting the data, the firm said.

“We’re right now on pace to see more than 1 million bank repossessions this year,” said Rick Sharga, a RealtyTrac senior vice president.

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