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Report: Mortgage defaults rose in March

IRVINE, Calif., April 15 (UPI) -- Mortgage defaults in the United States rose to one in every 538 households in March, a leading industry observer said.

RealtryTrac's monthly report said 234,685 properties throughout the country were in some stage of foreclosure in March, up 5 percent from February and up 57 percent from foreclosure filings a year ago.

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"Foreclosure activity so far this year continues to run nearly 60 percent above the levels we saw last year," said James J. Saccacio, chief executive officer of RealtyTrac said in a statement.

"On a year-over-year basis, default notices were up nearly 57 percent and bank repossessions were up nearly 129 percent," he said.

Auction notices, however, rose only 32 percent, "indicating that more defaulting homeowners are simply walking away and deeding their properties back to the foreclosing lender," Saccacio said.

The report said Nevada, with foreclosures filed on one in every 139 homes, led the nation at 3.9 times the national average.

Filings for one of every 204 homes in California and one in every 282 homes in Florida put those states second and third on the list, respectively.

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