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Home foreclosures hit record in first quarter

June 9th, 2009 9:24 AM by Lehel Szucs

Home foreclosures hit record in first quarter

California, Florida, Nevada and Arizona account for about 46% of the foreclosure starts in the country, the Mortgage Bankers Assn. reports.
By E. Scott Reckard
May 29, 2009
California and three other states continued to take an outsize share of the blame for the foreclosure epidemic sweeping the nation.

The Mortgage Bankers Assn. reported Thursday that foreclosures were at record levels, with 1.37% of all home loans nationally starting the foreclosure process during the first quarter of the year.

In Florida, 10.6% of the mortgages "are somewhere in the process of foreclosure," Brinkmann said. "In Nevada it is 7.8%, Arizona 5.6% and California 5.2%."

Another sign of the housing market's ongoing struggle to find a bottom came from the Census Bureau on Thursday: Sales of new homes were down 34% in April from the same month a year earlier. Sales rose in April from March, posting a 0.3% month-to-month gain.

Posted in:General
Posted by Lehel Szucs on June 9th, 2009 9:24 AM



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