Foreclosures were up 7% in Q1 of 2010 from the previous quarter (Q4-2009) and 16% from Q1 of 2009. But most troubling is that the rate of increase in March was 19% higher than the previous month and 8% higher than March 2009. The monthly total – 367,056 properties – was the highest recorded by RealtyTrac since their first report in January 2005. 10 states have the vast majority of the foreclosures (70%), lead by California, Florida, Arizona, Illinois, Michigan, Georgia, Texas, Nevada, Ohio, and Colorado. This indicates that the housing market decline is still trying to reach bottom and that the unemployment situation is taking its toll. There are many, many opportunities to find excellent deals.
You can read the whole thing here.