Large increase in number of foreclosures across US

April 27, 2008 Recently released figures have revealed that the number of foreclosures in California, United States has more than quadrupled. The figures for the first quarter of 2008 show a significant increase on previous figures.

There were 47,171 foreclosures on California properties in the first quarter of 2008. The figure for the same period last year was just over 10,000.

The Attorney General of Arizona released a report that showed an increase. It said that "the collective efforts of servicers and government officials to date have not translated into meaningful improvement in foreclosure prevention outcomes." The Attorney General also commented on the report:

We continue to see a rising number of foreclosures in Arizona, which is a significant drag on Arizona's economy. This report confirms that efforts made by servicers to prevent unnecessary foreclosures are not enough. We need to explore additional approaches to prevent tens of thousands of unnecessary foreclosures in Arizona.