The number of American households threatened with losing their homes grew 24% in the first 3 months of this year and is poised to rise further as major lenders restart foreclosures after a temporary moratorium, figures out today show. Though the Obama administration has invested $75 billion to help up to 9 million borrowers avoid foreclosure, lenders' willingness to go along with the plan isn't clear.
Nationwide, nearly 804,000 homes received at least one foreclosure-related notice from January through March, up from about 650,000 in the same time period a year earlier. Nearly 191,000 properties completed the foreclosure process and were repossessed by banks in the quarter. The number, down 13% from the fourth quarter of last year, is expected to rise through the summer and then possibly taper off.