Big Jump in Foreclosure Filings

Foreclosure Crisis Hits Again

According to a recent report from RealtyTrac, the number of foreclosure filings rose 6 percent during February after falling 10 percent in January. And just when you didn't think it cold get worse, more than 74,000 homes were lost to bank repossessions during the month, up from 67,000 in January. Nearly 1.2 million have been lost since the foreclosure crisis hit in August 2007.

Number of Foreclosure Filings

The number of foreclosure filings rose 6% during the month after falling 10% in January. Worse, filings leaped nearly 30% compared with February 2008. And the results confounded expectations: A downtrend had been expected due to the numerous foreclosure moratoriums in effect during the month.

"We were very surprised," said RealtyTrac spokesman Rick Sharga. "The moratorium were led by big players like Fannie and Freddie and all the major banks. It was supposed to cover the whole waterfront. The fact that foreclosures still went up was a shock."

The reason so many people lose their homes once they are in default is partially attributed to the severe home price drops recorded in many of the worst-hit areas. When borrowers are severely underwater, owing more than their homes are worth, it removes an incentive to keep up with mortgage payments. Some simply walk away.

By CNNMoney

Seeking The Help Of A REO Broker

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