March Foreclosures Up 57% Over Last Year; Worst Coming

February gains evaporate
By Kevin Spak,  Newser Staff
Posted Apr 15, 2008 6:55 AM CDT
Home for sale signs line a street of a new subdivision in Cascade Locks, Ore., Wednesday, April 9, 2008. The Bush administration announced new steps Wednesday to help more homeowners head off foreclosure....   (AP Photo/Don Ryan)
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(Newser) – Bank repossessions skyrocketed 129% over the 12-month period ending in March, and foreclosure filings rose 57% over the previous year, RealtyTrac announced today. March foreclosure notices rose 5%, after a 4% decline in February. All this “is ongoing fallout from people overextending themselves and using highly toxic loan products,” said a RealtyTrac VP. And it hasn't peaked yet.

“We're going to see quite possibly a record amount of foreclosure activity in the third or fourth quarter,” he said, after interest rates spike on adjustable mortgages in May and June.