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4/21/2009

Foreclosures Increased In The First Quarter

Foreclosure filings increased in the first quarter by quite a large percentage. There are quite a few probable, interlocking causes, but some of the most likely are increased unemployment and widespread pay cuts due to the recession.

In the first quarter, 803,489 accounted for the total number of foreclosure filings.

Despite the dreary numbers, some positive can be taken out of this situation. Obama's mortgage modification act may soon begin to have a significant, positive affect on mortgages and the real estate market in general, giving those thinking of foreclosure a fighting chance.