Us foreclosures up despite bank freeze

US foreclosures on homeowners rose in February, highlighting ongoing troubles in the housing market despite a freeze by some lenders and limits in some states, a survey showed...

A RealtyTrac survey showed foreclosure filings -- which include default notices, auction sale notices and bank repossessions -- were reported on 290,631 US properties during the month, a monthly increase of six per cent and up nearly 30 per cent from February 2008.

The report showed that one in every 440 US housing units received a foreclosure filing in February.

"The increase in foreclosure activity from January to February is somewhat surprising, given that many of the foreclosure prevention efforts and moratoria in place in January were extended through most of February as well," said James Saccacio, Chief Executive Officer of RealtyTrac.

Saccacio said there were some notable exceptions to this, including a 45-day voluntary moratorium in Florida that expired at the end of January, leading to a 14 per cent rise in foreclosure activity.

He noted that New York foreclosure proceedings delayed by a new law for an extra 90 days appear to have hit the system in February, when the state's foreclosure activity increased 23 per cent.

President Barack Obama's administration earlier this month unveiled the details of a 75-billion-dollar rescue plan to stem rising home foreclosures, which are seen as deepening the recession.

US home foreclosures, the epicenter of the global financial crisis, spiked 81 per cent in 2008 despite efforts to slow the trend.

Source: www.yahoo.com