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Foreclosures Surged in March; Flat Week For Mortgage Apps; Rates Rise Despite Market Improvement

Foreclosures Surged in March; Flat Week For Mortgage Apps; Rates Rise Despite Market Improvement

Completed foreclosures were up in March, with a substantial increase compared to February, but continued to fall on an annual basis. CoreLogic said that there were 36,000 foreclosures during the month, an increase of 9.3 percent from the 33,000 recorded during the previous month. However, foreclosures were down by 14.9 percent compared with March 2015 when there were 42,000. Despite the March bounce the 36,000 total is nearly a 70 percent decrease from the peak of the housing crisis (September 2010) when there were 117,782 homes lost, however the total remains significantly higher than the average of 21,000 foreclosures per month between 2000 and 2006. The foreclosure inventory, homes officially in the process of foreclosure, was at its lowest level since October 2007. The inventory included
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