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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.
Compared to March 2008 filings were up by an enormous 46 per cent.
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“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.
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