Alex Veiga from the Associated Press reports on a record number of foreclosures during the first 3 months of 2010. RealtyTrac Inc. reported that the number of foreclosures increased by 35% during the first quarter of 2010. Houses that were in pre-foreclosure jumped by 16% as compared to the same period in 2009. A quote from the article reads, “We’re finally seeing the banks start to process the inventory that has been in foreclosure, but delayed in processing,” Sharga said. “We expect the pace to accelerate as the year goes on.” What they are referring to is the “shadow inventory” that the banks have been sitting on. The article is also quoted, ”The Obama administration’s $75 billion foreclosure prevention program has only been able to help a small fraction of troubled homeowners.”
So, unfortunately, it appears that the bloodbath is going to continue. Stay close to those that are, or will be, in need.
