Foreclosure Sales Jump 70 Percent in Q1: Report

Lenders repossessed 210,280 homes in the first quarter of 2008 — nearly 3 of every 1,000 households nationwide — up nearly 71 percent from year-ago volume, according to statistics released Monday by Foreclosures.com, a foreclosure information specialist.

Borrower defaults surged as well during the quarter, Foreclosures.com said in a press statement. Lenders filed 515,411 notices of default (or an equivalent notice) during the quarter, according to the company’s stats, up sharply from 264,445 filings recorded just one year ago.

The numbers are more evidence of a housing market that has yet to reach bottom; CEO Alexis McGee, however, argued that perspective is needed. “Total outstanding U.S. mortgage debt totals more than $10 trillion! Foreclosures are a drop in that bucket,” she said.

McGee said that while foreclosures and borrower defaults may be up significantly, most defaults are the “result of subprime loans that shouldn’t have been made in the first place.”

California led the way in REO during the first quarter, with more than 51,000 properties becoming bank-owned between January and the end of March. Second-place Florida lagged significantly behind, logging 18,055 properties into REO within the same time frame.

For more information, visit http://www.foreclosures.com.