Foreclosures UP again

From Ted Cornwell and Mortgage Servicing News Bulletin 5/8/07:

"If you wonder why politicians are up in arms about foreclosures, the most recent monthly data from RealtyTrac gives you an idea. In the first quarter of this year, more than 43,000 foreclosure filings were posted nationwide, according to the Irvine, Calif.-based online marketplace for foreclosed property. Those actions include default notices, auction sale notices and bank repossessions. That was up 35% from the first quarter of last year, and it meant that one of every 264 households nationwide was the subject of a foreclosure action in the first quarter. That was the highest rate of foreclosure activity since RealtyTrac started issuing its report two-and-a-half years ago."