According to Brad Geisen, president and CEO of the online real estate listing service Foreclosure.com, �New foreclosure inventory rose in 47 states in March. This signifies a national trend ... foreclosure inventory will likely continue to rise across the country.� The most recent market report issued by Foreclosure.com listed 28,190 newly foreclosed properties for the month of March, up 57 percent from 18,012 the same month last year. The total national inventory of foreclosed homes was 80,757 in March. RealtyTrac Inc., the real estate data provider to AOL, MSN and Yahoo, also released a report on foreclosures in March, listing more than 62,000 properties nationally in some stage of the foreclosure process for the month.
A May 30 Washington Post article focused on the foreclosure rate in Pennsylvania, describing personal hardships of residents facing loss of their homes. In one working class neighborhood in northeastern Philadelphia, for example, 18 of 42 homes on a single block have gone into foreclosure within the past three years. Philadelphia�s sheriff now handles more than 1,000 property auctions a month, compared to 300 to 400 a month in 2000. In Pittsburgh, officials referred to the record number of auctions as indicative of a �Depression-era� problem.