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One in every 159 US borrowers received a foreclosure filing during the first quarter as default notices and bank repossessions hit a new record high.
Foreclosures filings in the March quarter rose 9 per cent from the December quarter to 803,489, RealtyTrac said yesterday, while month on month filings were up 17 per cent.
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Compared to March 2008 filings were up by an enormous 46 per cent.
“In the month of March we saw a record level of foreclosure activity — the number of households that received a foreclosure filing was more than 12 percent higher than the next highest month on record,” commented RealtyTrac CEO James J. Saccacio.
