On Thursday April 16, 2009 RealtyTrac reported that foreclosure rates in March 2009 increased by 17% from February.  The increase came as many mortgage lenders ended temporary moratoriums imposed on the filing of foreclosures.  The March and first quarter totals also jumped 24% from a year ago and were the highest since RealtyTrac began reporting foreclosure rates.  In the first 3 months of the year, 1 out of every 159 U.S. Households received a foreclosure filing, which includes a notice of default, auction sale or bank repossession.  Filings were reported on over 803,000 properties in the first quarter of 2009.  The states with the highest percentage of foreclosure filing were: California, Florida, Nevada, Arizona, and Illinois.  Those 5 states accounted for nearly 60% of the U.S. foreclosure activity.  Ohio still ranks in the top 10 for the states with the most foreclosure filings.

It seems that Congressional programs aimed at limiting the number of foreclosures have had little affect on lowering the rate of foreclosures.  However, it may yet be too early to see results from these recently passed Congressional programs.  In this market, lenders should continue to work with borrowers to modify loans for homeowners who are able to continue making payments.  Working directly with borrowers is the most cost effective and efficient way to limit the damage of the worst housing market since the Great Depression.