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.