Foreclosure filings were up over 16% in the 1st quarter of 2010 from the same time period just one year earlier. Over 920,000 homes received some form of a foreclosure notice during this same 1st quarter time period nationwide. March 2010 saw the biggest month over month increase in at least the past five years as well.

It seems that banks are beginning to increase the foreclosure process a bit more as opposed to continually delaying the foreclosure time period partly due to the fact that banks had too many non-performing mortgage loans on their books, and they did not want to take their losses too soon.

According to RealtyTrac (an Irvine based foreclosure company), they had recently estimated that over 1 million homes may go all the way to sale and end up back with their respective banks. In addition, Realty Trac estimates that there may be over 4 million total foreclosure filings this year alone nationwide.

Nevada (1 in 33 homes were in foreclosure), Arizona (1 in 49), Florida (1 in 57), California (1 in 62), and Utah (1 in 88) were the top 5 states with the highest foreclosure percentages nationwide.

We continue to offer our clients financing options to purchase these same distressed properties before or at the final foreclosure sales. In some cases, we may even be able to help the existing homeowner prevent their foreclosure sale from happening in the near term.

For more details, please email or call me in regard to any of these topics.