REO Volume up 35 percent from Q1 2009
REO volume hit the highest quarterly total in the history of RealtyTrac's data during the first quarter of 2010, rising 35 percent from Q1 2009, and is poised to rise further in the months ahead, as a backlog of distressed loans are finally addressed by leading banks and services.
Foreclosure Activity by Type
During the quarter a total of 304,799 properties received default notices (Notices of Default and Lis Pendens), an increase of 1 percent from the previous quarter but down 1 percent from the first quarter of 2009. Default notices were down nearly 11 percent from a peak of more than 342,000 in the third quarter of 2009.
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