U.S. foreclosure filings rise 47 percent in March

By Bloomberg News

Photo by The Associated Press

A sale sign stands as a sentry outside an unsold single-family home in a new development in the east Denver suburb of Aurora, Colo., in this 2007 file photo.

ADVERSTISMENT

Banks began foreclosure proceedings against 47 percent more U.S. homeowners last month compared with a year ago as falling housing prices made it more difficult for borrowers to refinance mortgages.

More than 149,000 filings were posted in March, the highest number since RealtyTrac Inc. began collecting data in January 2005, the Irvine, Calif.-based research company said Wednesday in a statement. California filings rose to 31,434, more than triple the number a year ago. Nevada and Colorado had the largest percentage gains.

The number of owners making late payments on mortgages is at a four-year high and the failure or sale of 50 subprime mortgage companies has tightened the supply of money for lending. The National Association of Realtors is forecasting that the median price of a home will fall 0.7 percent this year to $220,300.

RealtyTrac is an online subscription service that identifies foreclosure properties.

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