Thread: Foreclosures Surge As Obama Recovery Plan Becomes Clear

This just in from MSN.

The number of homeowners facing foreclosure surged in March as lenders lifted temporary moratoriums and resumed legal actions against delinquent mortgage holders.

Foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 341,180 properties in March, 46% more than a year ago and 17% more than February's total, according to the latest report from RealtyTrac Inc., a foreclosure listing firm. (RealtyTrac is a partner of MSN Real Estate.)

Nationwide, nearly 804,000 homes — or one in 159 U.S. housing units — received at least one foreclosure-related notice from January through March, up from about 650,000 in the same period a year earlier, according to RealtyTrac.

Big mortgage finance companies such as Fannie Mae and Freddie Mac temporarily halted foreclosures late last year while they waited for the Obama administration to unveil its economic recovery plan. With details now public about which borrowers qualify for assistance, the mortgage industry has begun foreclosing on ineligible borrowers.

Nevada, Arizona, California and Florida continue to top the nation’s foreclosure rates, according to RealtyTrac's data. In Nevada, one in every 27 homes received a foreclosure filing — more than five times the national average.

The complete article and a table of foreclosures state-by-state is here:
http://realestate.msn.com/article.aspx? ... &gt1=35000

Somebody tell me again why we're so eager to extend benefits to illegal aliens while Americans sink further into despair and confusion.

That's becasue the Democrats didn't build in any restrictions and the banks spent it on bonuses and buying assets, instead of forclosure programs.

Dixie