Alex Viega of the Associated Press reported that RealtyTrac Inc. recently released stats on foreclosures, in the first three months of this year they jumped 35% from the first quarter of 2009.
Rick Sharga, who is a senior vice-president for RealtyTrac, said the US is on pace this year to have more than 1 million foreclosures. “We’re finally seeing the banks start to process the inventory that has been in foreclosure, but delayed in processing.” He went on to add, “We expect the pace to accelerate as the year goes on.”
Viega went on to say that Nevada, Arizona, Florida and California had the highest foreclosure rates (Nevada being number one). California had the biggest share of total US foreclosures at 23%.