Bankruptcy INK

New reports for March, 2007 have come in: and the forecast is as bleak as ever.

Contrary to certain reports that the bubble hasn’t burst on the middle-class dream, newspaper articles across the nation have confirmed that the worst is not yet behind us: Banks began foreclosure proceedings against 47 percent more U.S. homeowners last month.

According to Bloomberg News, more than 149,000 home foreclosure filings were posted in March, the highest number since RealtyTrac Inc. began collecting data in January 2005. “California filings rose to 31,434, more than triple the number a year ago. Nevada and Colorado had the largest percentage gains.”

“The number of owners making late payments on mortgages is at a four-year high and the failure or sale of 50 subprime mortgage companies has tightened the supply of money for lending. The National Association of Realtors is forecasting that the median price of a home will fall 0.7 percent this year, to $220,300.”

RealityTrac added, Foreclosure filings in March rose 7 percent from those in February.

Nationally, one of every 775 households moved into the foreclosure process, which can range from default notices for late payment to auction sales and bank repossessions, RealtyTrac said. Banks typically start the process after mortgage payments are 90 days late.