Foreclosure filings in March increased 57% compared with the same month in 2007, and were up 5% from February. Once again, Nevada leads the U.S. in defaults. Realtytrac said foreclosure filings, which include default notices, notices of auction sales and bank repossessions, hit more than 234,000 houses last month. More than 50,000 of those homes were lost to foreclosure. "What this report shows us is that the housing market correction is ongoing and we shouldn't expect the subprime problem to vanish anytime soon," said Jared Bernstein of the Economic Policy Institute.

Related Summaries